Explanation
BACKGROUND
This legislation authorizes the Director of the Department of Development to modify a grant agreement with Columbus Housing Partnerships, Inc., in an amount up to $3,325,000.00, for the Mulby Place Apartment project.
Original grant amount $2,725,000.00 Ord. 2461-2021 PO305253
Mod 1 grant amount (Current) $3,325,000.00
Total grant amount $6,050,000.00
Ordinance 2461-2021, passed by City Council on October 11, 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 $6,050,000.00 through two installment payments of $2,725,000.00 and $3,325,000.00. The first installment was authorized under Ordinance 2461-2021. This grant agreement modification is the second and final payment for the Project.
Mulby Place will be located on the east side of Cleveland Avenue between Myrtle Avenue and Briarwood Avenue will be in the nucleus of a new “downtown” part of the Linden Neighborhood. Redeveloping this city block will create a ripple effect that will spur further revitalization in an area ripe for renewal. Mulby Place will be a mix of two and three story buildings that will include one and two bed-room senior apartments with community spaces, retail, and outdoor areas. Designed to integrate into the Linden neighborhood and link the new proposed Linden recreation center, this redevelopment will help foster a community intergenerational lifestyle that intertwines housing, recreational, social activities and commerce opportunities for all ages.
Mulby Place will provide 100 units with a mix of (70) one- and (30) two-bedroom units. Additional single-family and commercial developments are planned for nearby land.
Emergency action is requested in order to maintain the project schedule.
FISCAL IMPACT: Funding in the amount of $3,325,000.00 is available in 2021 Capital Improvement Budget. An amendment to the 2021 Capital Budget...
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