Explanation
Background: City Council has previously authorized Capitol South Community Urban Redevelopment Corporation ("Capitol South") to create the Capitol South Downtown Housing Incentive Fund (the "Capitol South DHIF"). If financial assistance from the Capitol South DHIF to any one housing project exceeds $250,000, then the same requires the approval of the Capitol South Board of Managing Trustees and the consent of the City, acting through its Director of Finance. Capitol South proposes to provide $1,500,000 of financial assistance to an Ohio limited liability company to be organized and owned, either directly or indirectly, by Capitol South, MAS Companies, Richard Whaley, Thomas McVay and Dennis Dean (the "Developer"). The Developer proposes to acquire from Capitol South the property located generally at the southwest corner of Rich and High Streets and to develop the same with a six story, mixed-use structure containing approximately 48 for-sale residential condominium units over street-level commercial space.
Fiscal Impact: None.
Title
To authorize the Director of Finance to approve the provision by Capitol South of $1,500,000 of assistance from the Capitol South Downtown Housing Incentive Fund for the development of a six story, mixed-use property on South High Street containing approximately 48 for-sale residential condominium units over street-level commercial space and to declare an emergency.
Body
WHEREAS, the City of Columbus (the "City") and Capitol South Community Urban Redevelopment Corporation ("Capitol South") are parties to an Operative Agreement, dated to be effective June 30, 2001, which among other things provides for the creation of the Capitol South Downtown Housing Incentive Fund (the "Capitol South DHIF"); and
WHEREAS, the Operative Agreement requires the approval of the Capitol South Board of Managing Trustees and the consent of the City, acting through its Director of Finance, whenever Capitol Sout...
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