Explanation
BACKGROUND
This ordinance authorizes the Director of the Department of Development to enter into a grant agreement with the Erie Ohio Capital CDFI Fund LLC for the development of Granville Woods Lofts II affordable housing development in an amount up to $1,896,402.00. Erie Ohio Capital CDFI Fund LLC will enter into a grant agreement with the city for the bond funds as a pass-through entity. Granville Woods Lofts II Limited Partnership is the ownership entity of the project and Erie Ohio Capital CDFI Fund LLC is the related party. Approval is also requested for reimbursement of expenses incurred prior to execution of the purchase order, starting January 1, 2023.
Woda Cooper Companies, Inc. is proposing Granville Woods Lofts II (GWLII). Granville Woods Lofts is a proposed 118-unit mixed-use affordable housing development consisting of two phases located on the edge of the Driving Park neighborhood in Columbus, Ohio. The address for GWLII is 860 Rhoads Avenue. Construction could begin as soon as the Summer of 2024.
Granville Woods Lofts II will target households with incomes at 30% to 80% of area median gross income. The Granville Woods Lofts II phase of the development will include six (6) one-bedroom units, forty-three (43) two bedroom units and eleven (11) three-bedroom units for a total of 60 units. The target population for Granville Woods Lofts II will be general occupancy (family). Granville Woods Lofts II will include the construction of a four-story elevator building with various amenities including: on-site management office, community room with kitchenette, and more. The project is within steps of COTA bus stops along East Livingston Avenue, across the street from the Driving Park Community Recreation Center, and half a mile from the Columbus Metropolitan Library.
Emergency action is requested in order to maintain the construction schedule and to fulfill financing needs prior to closing deadlines with the developer’s other lenders. With...
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