Explanation
1. BACKGROUND
This legislation authorizes the Director of the Department of Development to enter into a Housing Development Agreement with Central Ohio Community Land Trust, an Ohio Non-profit Corporation (hereinafter the “COCLT”). The COCLT is a subsidiary of the Central Ohio Community Improvement Corporation, the Franklin County Land Reutilization Corporation.
COCLT is proposing to develop 10 houses in Franklinton using land bank lots adjacent to and lots within the redevelopment of former Mt. Carmel Hospital site. Homes developed by the COCLT will be made permanently affordable to homeowners and will be constructed as a part of a larger market rate project. The Housing Development Agreement (the “HDA”) will outline the plans and certain commitments of the Development Team and the City as it relates to the Project.
The Department of Development agrees to submit future legislation to City Council to authorize one or more Agreements for the funding commitment of $1,000,000.00.
2. FISCAL IMPACTS
There is no fiscal impact for this legislation.
Title
To authorize the Director of the Department of Development to enter into a Housing Development Agreement with the Central Ohio Community Land Trust, to outline the plans and certain commitments of the parties relating to the proposed redevelopment of the property located on various lots in the Franklinton neighborhood of Columbus.
Body
WHEREAS, COCLT is developing new affordable residential homes on lots in and around the former Mt. Carmel Hospital site in Franklinton, as a part of the larger redevelopment project (the “Sites”); and
WHEREAS, COCLT is proposing to redevelop the Sites into an affordable housing development under the land trust model that will include retaining ownership of the underlying land to ensure the site remain permanently affordable, (the “Project”); and
WHEREAS, the COCLT has been undertaken in cooperation and partnership with the City as a much needed affordable ...
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