Explanation
BACKGROUND
This legislation authorizes the Director of the Department of Development to modify a grant agreement with Columbus Metropolitan Housing Authority, in an amount up to $2,175,000.00, for the Sinclair Apartment project.
Original grant amount $2,175,000.00 Ord. 1251-2021/2718-2021 PO304841
Mod 1 grant amount (current) $2,175,000.00
Total grant amount $4,350,000.00
Ordinance 1251-2021, passed by City Council on June 7, 2021, 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 $4,350,000.00 through two installment payments of $2,175,000.00 each. The first installment was authorized under Ordinance 1251-2021, and as amended under Ordinance 2718-2021. This grant agreement modification is the second and final payment for the Project.
Sinclair Apartments is the result of a public-private partnership between the Columbus Metropolitan Housing Authority and The NRP Group that will bring desperately needed, high-quality affordable housing units to the City of Columbus. Sinclair Family Apartments will provide 180 units of affordable housing in the Sharon Heights neighborhood of Columbus, located at 5055 Sinclair Avenue, on what is currently the Alrosa Villa, formerly a popular live music venue.
Emergency action is requested in order to maintain the project schedule.
FISCAL IMPACT: Funding of $2,175,000.00 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 006216 and expires 10/22/2023.
Title
To amend the 2021 Capital Improvement Budget; to authorize the City Auditor to transfer funds within the Affordable Housing Bond Fund; to authorize the Director of Development to modify a grant agreement in an amount up to $2,175,000.00 with Columbus Metropolitan Housing Authorit...
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