Explanation
BACKGROUND
This legislation authorizes an amendment to Ordinance No. 1821-2022, passed by Columbus City Council on July 11, 2022, to allow for a change in the name of the organization with whom the Director of the Department of Development will enter into agreements with for the Easton Place Homes Phase II project. The original organization was Easton Loop Apartments II, LLC and is desired to be changed to Columbus Housing Partnership, Inc. dba Homeport.
Easton Place Homes Phase II is a proposed 100-unit apartment development for families located at Easton Square Place and Charter Oak Way in Columbus, Ohio. The 4.65-acre parcel will be split to create lots on which approximately 200 units of affordable housing will be developed in three phases. Easton Place Homes Phase II is located directly south of the market rate townhomes facing Easton Way, which is the southern boundary of the premier retail/restaurant/entertainment district in Columbus. Major employers, such as JPMorgan Chase and Huntington Bank, employ thousands within walking distance-census data from 2018 indicates 24,000 jobs within a mile of the site-making this an extremely convenient location in all respects.
Easton Place Homes Phase II has secured Low Income Housing Tax Credits and OHFA HDAP funds, along with additional private loans and City HOME funds to fund this Phase’s Total Development Cost of $14,992,121. In addition to the City’s Capital funds, Phase 2 has also secured 4% tax credits from OHFA in 2021, along with OHFA HDAP, and County HOME funds and other private loans. Due to the complex funding structure for the project, the desired development organization for the project is Columbus Housing Partnership, Inc. dba Homeport.
Emergency action is requested in order to maintain the project schedule.
FISCAL IMPACT: No funding is needed
CONTRACT COMPLIANCE: the vendor number is 004842 and expires 3/14/2024.
Title
To amend Ordinance No. 1821-2022, passed by Columbus City Council on July 11, 2022, to allow for a change in the name of the organization with whom the Director of the Department of Development will enter into agreements with for the Easton Place Homes Phase II project from Easton Loop Apartments II, LLC to Columbus Housing Partnership, Inc. dba Homeport; and to declare an emergency. ($0.00)
Body
WHEREAS, Ordinance No. 1821-2022, passed by Columbus City Council on July 11, 2022, authorized the Director of Development to enter into a Housing Development Agreement (HDA) and a Grant Agreement with Easton Loop Apartments II, LLC for the Easton Place Homes Phase II project; and
WHEREAS, due to the complex funding structure for the project, the desired development organization for the project is Columbus Housing Partnership, Inc. dba Homeport; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to authorize the Director to enter into agreements with Columbus Housing Partnership, Inc., dba Homeport, in order to maintain the project schedule, thereby preserving the public health, peace, property, safety and welfare; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That Section 4 of Ordinance No. 1821-2022, passed by Columbus City Council on July 11, 2022, be amended to read as follows:
“SECTION 4. That the Director of Development be and is hereby authorized to first enter into a Housing Development Agreement and then a Grant Agreement, in an amount up to $2,250,000.00, with Easton Loop Apartments II, LLC Columbus Housing Partnership, Inc., dba Homeport, for the Easton Place Homes Phase II project.”
SECTION 2. That for the reasons stated in the preamble hereto, which is hereby made a part hereof, this Ordinance is hereby declared to be an emergency measure and shall take effect and be in force from and after its approval by the Mayor, or ten days after passage if the Mayor neither approves nor vetoes the same.