Explanation
BACKGROUND: This ordinance authorizes the Director of Development to modify loan agreement documents with Wendler Commons Limited Partnership to extend the construction completion date listed in the documents.
This modification is due to unforeseen sewer repairs and supply chain issues due to COVID. Due to the delay in construction, updated credits were requested to extend their construction period, these credits were approved and obtained at the end of 2021.
Wendler Commons is located at 4862 Wendler Boulevard, Columbus Ohio 43215. It is a 62 unit multifamily building containing 1, 2, and 3 bedroom units with rents ranging from 30-60% AMI. Wendler Commons serves its residences with a community room fit with a kitchen along with a kids room for kids to get together and play. Wendler Commons was able to secure 9% tax credits, along with an OHFA bridge loan, private loans, and our City of Columbus HOME funds.
The Director of Development entered in loan agreement documents with Wendler Commons Limited Partnership in November 2020 under the authority of ordinance 2048-2019. Ordinance 0235-2021 authorized a modification (modification 1) to the loan documents to allow a first mortgage by a new lender that is greater than what was initially planned. This ordinance for modification 2 would authorize a modification to extend of the construction completion date.
Original Loan Agreement $750,000.00 Ord. 2048-2019 PO211286
Modification 1 0.00 Ord. 0235-2021
Modification 2 0.00
Total Loan Agreement Amount $750,000.00
This legislation represents appropriation for the HOME portion of the 2020 Action Plan, per Ordinance 2162-2019.
Emergency action is requested to allow for the developer to maintain the project schedule and not incur additional costs.
FISCAL IMPACT: no impact
Contract Compliance: the vendor number is 031426 and contract compliance dates are 11/10/2020 -11/10/2022.
Title
To authorize the Director of Development ...
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