Explanation
BACKGROUND
This legislation authorizes the Director of the Department of Development to enter into a Housing Development Agreement (HDA) and a Grant Agreement with Easton Loop Apartments II, LLC for the Easton Place Homes Phase II project.
The HDA would memorialize the City’s desired commitment to the project, pending City Council approval and current and future availability of funds. The Department of Development wishes to support this project by contributing $4,800,000.00 of bond funds over two years, $2,250,000.00 from the 2021 Capital Budget and $2,550,000.00 from the 2022 Capital Budget. This legislation would authorize the Director of Development to first execute the HDA and then a Grant Agreement in the amount $2,250,000.00 funded from the 2021 Capital Budget. Pending the availability of funding in the 2022 Capital Budget, the department will seek City Council’s approval for a planned agreement modification.
Easton Place Homes Phase II is a proposed 100-unit apartment development for families located at Easton Square Place and Charter Oak Way in Columbus, Ohio. The 4.65-acre parcel will be split to create lots on which approximately 200 units of affordable housing will be developed in three phases. Easton Place Homes Phase II is located directly south of the market rate townhomes facing Easton Way, which is the southern boundary of the premier retail/restaurant/entertainment district in Columbus. Major employers, such as JPMorgan Chase and Huntington Bank, employ thousands within walking distance-census data from 2018 indicates 24,000 jobs within a mile of the site-making this an extremely convenient location in all respects.
The property will consist of four 3-story apartment buildings with a combination of townhomes and stacked flats. Easton Place Phase II will offer a mix of 24 one-bedroom, 59 two-bedroom, and 17 three-bedroom apartments. Community space includes a community room with kitchenette, fitness room and management office. Ea...
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