City of Columbus - File #: 1889-2004

• File #: 1889-2004
• Version: 1
• Type: Ordinance
• Status: Defeated
• File created: 10/20/2004
• In control: Health, Housing & Human Services Committee
• On agenda: 5/21/2007
• Title: To authorize the appropriation of $150,000 from the unappropriated balance of the Capitol South Debt Service Fund to the Department of Development; to authorize the Director of the Department of Development to enter into a contract with Omni Management Group's Agler Green Limited Partnership to provide gap financing for the Heritage Project; to authorize the expenditure of $150,000 from the Capitol South Debt Service Fund; and to declare an emergency. ($150,000.00)

Date	Ver.	Action By	Action	Result
5/21/2007	1	Columbus City Council	Approved	Fail
11/17/2004	1	Dev Drafter	Sent to Clerk's Office for Council
11/16/2004	1	Dev Drafter	Sent for Approval
11/16/2004	1	Auditor Reviewer	Reviewed and Approved
11/16/2004	1	CITY AUDITOR	Reviewed and Approved
11/16/2004	1	Dev Drafter	Sent for Approval
11/16/2004	1	CITY ATTORNEY	Reviewed and Approved
11/12/2004	1	Finance Reviewer	Reviewed and Approved
11/12/2004	1	FINANCE DIRECTOR	Reviewed and Approved
11/11/2004	1	Dev Drafter	Sent for Approval
10/21/2004	1	Dev Drafter	Sent for Approval
10/21/2004	1	Finance Reviewer	Reviewed and Approved
10/21/2004	1	FINANCE DIRECTOR	Reviewed and Disapproved
10/20/2004	1	Dev Drafter	Sent for Approval
10/20/2004	1	DEVELOPMENT DIRECTOR	Reviewed and Approved

Explanation

BACKGROUND: This legislation appropriates funds and authorizes the Director of the Department of Development to enter into a contract with the Omni Management Group's Agler Green Limited Partnership for construction/rehabilitation expenses associated with a financing gap experienced by the Omni Management Group in completing the Heritage Project.

The Heritage Project, the renovation of the former Agler Green Section 8 Apartment complex, consists of 384 apartments in northeast Columbus that was completed in August 2004. The final cost certifications demonstrated that there was a shortfall in financial sources for the project due to the unforeseen construction costs. The city was approached to assist with providing resources for the financing gap. The city is supportive of projects such as the Heritage that provide affordable rental dwelling units for extremely low-income families. The Heritage Project is unique in scale and complexity that certainly warrants the city's participation.

Emergency action is requested so that the funds may be provided as quickly as possible to the Omni Management Group's Agler Green Limited Partnership.

FISCAL IMPACT: Funds in the amount of $150,000 for this expenditure are from the Capitol South Debt Service Fund. Funds will be used for construction/rehabilitation expenses associated with a financing gap experienced by Omni Management Group in completing the Heritage Project.



Title

To authorize the appropriation of $150,000 from the unappropriated balance of the Capitol South Debt Service Fund to the Department of Development; to authorize the Director of the Department of Development to enter into a contract with Omni Management Group's Agler Green Limited Partnership to provide gap financing for the Heritage Project; to authorize the expenditure of $150,000 from the Capitol South Debt Service Fund; and to declare an emergency. ($150,000.00)



Body

WHEREAS, the sources of funds available...