Explanation
1. BACKGROUND
F & C Development, Inc. (the “DEVELOPER”) plans to construct a new approximately 550,000 square feet mixed-use residential development located on the Scioto Peninsula, comprised of three mixed-use buildings, to be developed in two phases, Phase 1A comprised of two mixed-used residential buildings and Phase 1B comprised of one mixed-use residential building (collectively, the “PROJECT”).
The CITY has agreed to transfer to Scioto Peninsula Holdings, Ltd., an Ohio limited liability company, certain real property identified as Lots 4, 6, 8, and 9 of the Scioto Peninsula Subdivision (the “PROJECT SITE”), including part for PHASE IA of the PROJECT, conditioned upon the DEVELOPER’s agreement to provide affordable housing within the PROJECT.
Ordinance 3212-2019 was passed by the Columbus City Council on December 16, 2019, authorizing the conveyance of the portion of the PROJECT SITE to be used for PHASE IA on the condition that the DEVELOPER first enters into an agreement with the CITY making the following affordable housing commitments: (a) ten percent (10%) of residential units in the PROJECT must be affordable to households at or below eighty (80%) of the area median income (“AMI”) and (b) an additional ten percent (10%) of residential units in the PROJECT must be affordable to households at or below one hundred percent (100%) AMI.
This Ordinance authorizes the Director of Development to enter into an agreement with the Developer to memorialize the Developer’s obligation to ensure that the PROJECT satisfies these affordable housing requirements for a fifteen-year term for each phase, commencing upon the issuance of the final certificate of occupancy for each phase respectively.
The PROJECT involves an estimated total investment by the DEVELOPER of One Hundred Forty Million Dollars ($140,000,000.00) and will result in an estimated 110 affordable units out of an estimated 550 units total for both phases.
The PROJECT is estimated to b...
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