Explanation
1. BACKGROUND
100 North High Street LLC (the “DEVELOPER”) plans to redevelop the surface parking lot at 90 North High Street and 98 North High Street into a 15-story building with 152 residential units and structured parking (the “PROJECT”).
Columbus City Council passed Ordinance Number 2620-2020 on November 23, 2020, which created a Tax Increment Financing (TIF) area known as the Madison-High Street 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.
The DEVELOPER has agreed to commit twenty percent of the units in the PROJECT to affordable housing as follows: (a) eleven (11) of the residential units in the PROJECT must be affordable to households at or below eighty percent (80%) 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 seventy percent (70%) 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, commencing upon the issuance of the final certificate of occupancy.
The PROJECT involves an estimated total investment by the DEVELOPER of Fifty Two Million Four Hundred Five Thousand ($52,405,000.00) and will result in an estimated 30 affordable units out of an estimated 152 units total for the PROJECT.
2. EMERGENCY JUSTIFIC...
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