Explanation
BACKGROUND
This ordinance authorizes the Director of the Department Development to modify (Modification No. 2) a grant agreement with Erie Ohio Capital CDFI Fund, LLC for the Starling Yard housing project to adjust the budget’s allocation, moving $500,000.00 previously allocated for construction loan interest to architect design fees. The overall amount for the agreement will not change.
Original Agreement $3,500,000.00 Ord. 3283-2022 PO387354
Modification No. 1 $ 0.00 Ord. 2013-2023
Modification No. 2 $ 0.00
Total $3,500,000.00
The Grant Agreement, and the previous legislation, pertains to the Starling Yard project that will be constructed on the former school site located at 120 South Central Avenue. The property contains the historic 1908 Starling School (originally built as West High School), and is bounded on its perimeter by existing housing (north, east, and south), as well as the new Starling Middle School, West Central School and existing senior apartments to the west. The site is walkable to the West Broad Street corridor, which contains a number of restaurants and retail stores. The Franklinton Branch of the Columbus Metropolitan Library and City of Columbus Fire Station and EMS Station 10 are just a short distance away. When completed, the project will deliver new high-quality infill development with important safe and accessible affordable units needed by families; it will redevelop a vacant historic structure as additional affordable housing units while at the same time returning the building to its more appropriate 1908 configuration; and provide housing in an undeserved area of the City of Columbus.
Starling Yard will contain 18 one-bedroom units, 26 two-bedroom units, and 8 three-bedroom units. The property will be mixed-income, featuring affordable housing ranging from 30% AMI, up to 80% AMI, accommodating various household sizes. 20 units will be set-aside for residents earning at or below 30% AMI, 24 uni...
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