Explanation
BACKGROUND
This legislation authorizes the Director of the Department of Development to modify a grant agreement with Erie Ohio Capital CDFI, LLC, in an amount up to $250,000.00, for the Jenkins Street project.
Original grant amount $250,000.00 Ord. 0780-2021/1278-2021 PO281148
Mod 1 grant amount (current) $250,000.00
Total grant amount $500,000.00
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. The first installment was authorized under Ordinance 0780-2021. This grant agreement modification is the second and final 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.
Emergency action is requested in order to maintain the project schedule.
FISCAL IMPACT: Funding is available in 2021 Capital Improvement Budget. An amendment to the 2021 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 2021 Capital Improvement Budget; to authorize the City Auditor to transfer funds within the Development Taxable Bond Fund; to authorize the Director of Development to modify a grant agreement in an amount up to $250,000.00 with Erie Ohio Capital CDFI, LLC for the Jenkins Street project; to autho...
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