Explanation
BACKGROUND: This ordinance authorizes the Director of Development to enter into grant agreement totaling $500,000.00 with Ohio Baptist General Convention, Inc. for the 48 Parkwood Project. The project scope will include two components: First, the renovation of the historic 48 Parkwood, which is a 3-story masonry structure with a front porch. Each of the three floors will contain three 1-bedroom or studio sized apartments, each with their own kitchen and bathroom.
The second component of the scope will be the demolition of two non-historic structures adjacent and south of 48 Parkwood. In their place will be constructed a new 3-story wood frame structure with 9 units on each floor (total: 27 units). When completed, the project will deliver 36 residential units, all of which will be affordable at or below 80% AMI and 10 of which will be affordable to households earning at or below 70% AMI.
Emergency action is requested to allow the project to obtain all necessary funding to begin construction.
Contract Compliance: the vendor number is 034955 and expires 2/23/23.
Fiscal Impact: $500,000.00 is available in the 2020 Capital Improvement Budget, Affordable Housing Taxable bond fund. An amendment to the 2020 Capital Budget is required to establish sufficient budget authority for the project.
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 with Ohio Baptist General Convention, Inc. in an amount up to $500,000.00 for the 48 Parkwood project; to authorize the expenditure of up to $500,000.00; and to declare an emergency. ($500,000.00).
Body
WHEREAS, the Columbus City Council approved Ordinance 2521-2020 establishing the 2020 Capital Improvement Budget; and
WHEREAS, the Ohio Baptist General Convention, Inc proposed development of the 48 Parkwood project totaling 36 residential units, all of which will be affordable at or below 80% AMI and 10 of which will be affordable to households earning at or below 70% AMI; and
WHEREAS, the City of Columbus desires to enter into a grant agreement in the sum of $500,000.00 from the Affordable Housing Taxable Bond Fund; and
WHEREAS, it is necessary to amend the 2020 Capital Improvement Budget in order to provide sufficient authority; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to authorize the Director to enter into a grant agreement with Ohio Baptist General Convention and appropriate and expend said funds to allow for the developer to obtain necessary funding to begin the project, thereby preserving the public health, peace, property, safety, and welfare; and NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the 2020 Capital Improvements Budget authorized by ordinance 2521-2020 be amended as follows to establish sufficient authority for this this project:
Fund / Project / Project Name / C.I.B. / Change / C.I.B. as Amended
7779 / P782012-100000 / Affordable Housing Funds / $9,250,000.00 / ($500,000.00) / $8,750,000.00
7779 / P782021-100000 / 48 Parkwood / $0.00 / $500,000.00 / $500,000.00
SECTION 2. That the transfer of $500,000.00 or so much thereof as may be needed, is hereby authorized within Fund 7779 (Affordable Housing Fund), Dept-Div 44-10 (Housing) per the account codes in the attachment to this ordinance.
SECTION 3. That for the purpose as stated in Section 4, the expenditure of $500,000.00, or so much thereof as may be necessary, is hereby authorized in fund 7779 (Affordable Housing Fund), Project 782021-100000, Dept. 44-10 (Housing), in Object Class 06 (Capital Outlay) per the accounting codes in the attachment to this ordinance.
SECTION 4. That the Director of Development be and is hereby authorized to enter into a grant agreement, in an amount up to $500,000.00, with Ohio Baptist General Convention, Inc. for the 48 Parkwood Project.
SECTION 5. That the City Auditor is hereby authorized to transfer the unencumbered balance in a project account to the unallocated balance account within the same fund upon receipt of certification by the Director of the Department administering said project that the project has been completed and the monies are no longer required for said project.
SECTION 6. Funds are hereby deemed appropriated and expenditures and transfers authorized to carry out the purposes of this ordinance and the City Auditor shall establish such accounting codes as necessary.
SECTION 7. That the City Auditor is authorized to make any accounting changes to revise the funding source for all contracts or contract modifications associated with this ordinance.
SECTION 8. That for the reasons stated in the preamble hereto, which is hereby made a part hereof, this Ordinance is hereby declared to be an emergency measure and shall take effect and be in force from and after its approval by the Mayor, or ten days after passage if the Mayor neither approves nor vetoes the same.