Explanation
BACKGROUND: This ordinance authorizes the expenditure of up to $2,000,000 from the 2017 Development Taxable Bonds Fund 7739 to assist in the costs of redevelopment for the area known as Poindexter Village. The funds will assist with the development of mixed income rental housing and act as local match for the Choice Neighborhoods grant made to the Columbus Metropolitan Housing Authority.
The Columbus Metropolitan Housing Authority (CMHA) is undertaking a $250,000,000, multi-phase redevelopment of the Poindexter Village area. The area is bounded by Mt. Vernon Avenue on the north, Ohio Avenue on the west, Long Street on the south and Hughes Street on the east.
In June 2014, the U. S. Department of Housing and Urban Development (HUD) awarded CMHA a $30,000,000 Choice Neighborhood Implementation (CNI) grant to begin the redevelopment of the Poindexter Village area. In support of CMHA’s redevelopment efforts, the Department of Development anticipates submitting funding requests to City Council totaling $6,000,000 in Housing Preservation funding. This request is installment Number 3 of 3.
Emergency action is requested in order to maintain the development project timelines of the Poindexter Village area.
FISCAL IMPACT: The funding for this contract ($2,000,000) is fully budgeted within the 2017 Capital Improvements Budget, Fund 7739 Development Taxable Bonds.
Title
To authorize the Director of the Department of Development to enter into a grant agreement with the Columbus Metropolitan Housing Authority (CMHA), or a subsidiary thereof, to make financial assistance available for the redevelopment of the area known as Poindexter Village; and to authorize the expenditure of $2,000,000.00 from the 2017 CIP Poindexter Village Fund; and to declare an emergency. ($2,000,000.00)
Body
WHEREAS, the Columbus Metropolitan Housing Authority (CMHA) was awarded a $30,000,000 Choice Neighborhood Implementation grant from the U. S. Department of Housing and Ur...
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