Explanation
1. BACKGROUND
Haines Madison LLC (the “DEVELOPER”) plans to renovate the Madison’s and White-Haines buildings located at 80-84 North High Street into a residential development with 45 residential units (collectively, 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 housing that is affordable to households at or below seventy percent (70%) of the area median income (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 Eighteen Million Six Hundred Ten Thousand Dollars ($18,610,000.00) and will result in an estimated nine affordable units out of an estimated 45 units total for the PROJECT.
2. EMERGENCY JUSTIFICATION
Emergency legislation is required to allow for immediate effectiveness of this ordinance, which is necessary in order to enable the timely development of the above described Project.
3. FISCAL IMPACTS
There...
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