Explanation
BACKGROUND
This legislation authorizes the Director of the Department of Development to enter into a Grant Agreement, in an amount up to $250,000.00, with Iroquois Capital CDFI LLC to provide a loan to Jenkins Street Lofts Limited Partnership in support of the redevelopment of property located at 27 West Jenkins Street, in the South Side Neighborhood of Columbus (“Project”).
Ordinance 1169-2020, passed by City Council on June 1, 2020, authorized the Director of the Department of Development to enter into a Housing Development Agreement (HDA) for the Project. The HDA stated that the city would provide up to $500,000.00 through two installment payments of $250,000.00 each. This Grant Agreement is the first payment for the Project. Future legislation will be submitted to provide the second payment for the Project.
The Project is an approximately 60 multi-family residential unit, low income housing tax credit rental project consisting of 15 one bedroom units, 30 two bedroom units, and 15 three bedroom units (subject to final design and requite approvals). All of the units will be occupied by and affordable to households in affordable tiers of 30%, 50%, 60%, and 70%, but not exceeding 80% of the area median income. Other developers involved in the Project include Woda-Cooper Development and Community Development for All People and the project is anticipated to be completed by December 31, 2021.
Emergency action is requested in order to maintain the project schedule.
FISCAL IMPACT: Funding is available in 2020 Capital Improvement Budget. An amendment to the 2020 Capital Budget is required to establish sufficient budget authority for the project.
CONTRACT COMPLIANCE: the vendor number is 033062 and expires 7/15/2022.
Title
To amend the 2020 Capital Improvement Budget; to authorize the City Auditor to transfer funds within the Affordable Housing Bond Fund; to authorize the Director of Development to enter into a Grant Agreement in an amount up ...
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