Explanation
1. BACKGROUND
Broyo LLC (the “DEVELOPER”) plans to redevelop the former Gilbert building property located at 195-209 East Broad Street into a residential development with 164 residential units and structured parking (the “PROJECT”).
Columbus City Council passed Ordinance Number 2619-2020 on November 23, 2020, which created a Tax Increment Financing (TIF) area known as the PNC-Gilbert TIF to require owners of the parcels located within the TIF to make payments in lieu of taxes to pay for public infrastructure improvements identified in the ordinance. The Department of Development anticipates submitting legislation to authorize the Director of Development to enter into a Tax Increment Financing and Cooperative Agreement to assist the DEVELOPER with funding public improvements associated with the PROJECT, the execution of which will be conditioned upon the DEVELOPER’s agreement to provide affordable housing within the PROJECT; and
The DEVELOPER has agreed to commit twenty percent of the units in the PROJECT to affordable housing as follows: (a) fourteen (14) of the residential units in the PROJECT must be affordable to households at or below one hundred percent (100%) of the area median income (“AMI”) and (b) an additional nineteen (19) of the residential units in the PROJECT must be affordable to households at or below eighty percent (80%) AMI.
This Ordinance authorizes the Director of Development to enter into a Housing Development Agreement (the “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.
The PROJECT involves an estimated total investment by the DEVELOPER of Fifty-Six Million Eighty Thousand Dollars ($56,080,000.00) and will result in an estimated 33 affordable units out of an estimated 164 units total for the PROJECT.
2. EMERGENCY JU...
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