Explanation
BACKGROUND
This ordinance authorizes the Director of the Department of Development to enter into a grant agreement with the Tivoli Apartments, LLC for the acquisition of property in the Harrison West neighborhood of Columbus in an amount up to $2,250,000.00. Approval is also requested for reimbursement of property acquisition expenses incurred prior to execution of the purchase order, starting January 1, 2023.
The Tivoli Apartments, located in the Harrison West neighborhood adjacent to downtown Columbus, consists of 88 apartment units originally developed as part of the Goodale Urban Renewal Project.
The project involves acquisition and redevelopment with a commitment to restrict rents to no more than 60% of the Area Median Income (AMI), significantly contributing to housing affordability in a neighborhood where construction costs have increasingly posed challenges to affordable housing development.
Market analysis indicates a strong demand for affordable housing options in the vicinity of downtown Columbus, where average market rents can significantly exceed the financial capacity of lower-income residents. Recent market data show a census tract average of $1,642 for one-bedroom apartments and $1,703 for two-bedroom apartments, underscoring the critical need for dedicated affordable housing within this rapidly developing neighborhood.
Redevelopment plans emphasize affordability, quality, and sustainability. Exterior improvements will address deferred maintenance, including roof repair, asphalt paving, sidewalk rehabilitation, landscaping, and building systems. Interiors will undergo strategic renovations, primarily focused on modernizing flooring, fixtures, kitchens, bathrooms, and energy efficiency improvements.
The Tivoli Apartments project not only provides essential housing affordability but also contributes to the ongoing revitalization and sustainability of the Harrison West neighborhood. Its strategic location offers residents convenien...
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