Explanation
BACKGROUND: This legislation authorizes an amendment to Ordinance No. 3279-2022 to allow for reimbursement of project-related soft costs that have been incurred prior to the creation of the purchase order for the grant agreement authorized under the ordinance approved by the City.
The original ordinance, No. 2049-2022, passed on July 25, 2022, allowed for the creation of a Housing Development Agreement to utilize Affordable Housing bond funds from the City’s 2022 Capital Budget in the amount of $1,400,000. The Original Ordinance was amended by Ordinance No. 3279-2022, passed December 5, 2022, to allow for the establishment of $1,900,000 from the City’s 2022 Capital Budget, through a bond agreement, with a Housing Development Agreement no longer needed. This second amendment is to establish that costs prior to creation of the purchase order be eligible for reimbursement. It was discovered at closing, due to the type of tax-exempt bond funds used for the project, that our funds should only be used to reimburse soft costs for the project, or the project will be subject to State Prevailing Wage Construction Prices. This would increase the project budget, and create a large gap in funding needed that the project cannot sustain.
The Columbus Renaissance Housing development is intended to be structured as a partnership organized strategically to pair a local place-based neighborhood nonprofit entities, Community Development for All People (“CD4AP”) with Woda Cooper Companies, Inc. ("Woda"), a highly experienced nationwide developer who will serve as general contractor and property manager.
Columbus Renaissance Housing is located at 33 West Morrill Avenue in Merion Village. The project is a single-phase development to occur on multi parcel former industrial manufacturing site that is bounded by existing housing on two adjacent sides, a church, and the Salvation Army, and is just a short distance outside of the central downtown core.
The property ...
Click here for full text