Explanation
BACKGROUND
This legislation authorizes the Director of the Department of Development to enter into a Housing Development Agreement (HDA) with Erie Ohio Capital CDFI Fund LLC for the Juniper Crossing I II project.
Woda Cooper Companies, Inc. is proposing Juniper Crossing II. Juniper Crossing II is the second phase of an 81-unit senior 55+ affordable housing development consisting of two phases located at 60 Obetz Road in the Far South area in Columbus, Ohio.
The second phase is utilizing a condominium structure to add an additional 37 units to the threestory elevator building. The Council Variance was approved for a total of 81 senior units so this allows the development team to leverage resources efficiently to meet the growing affordable housing demand in the City of Columbus. WCCI has been going through the funding and development process on both phases simultaneously. Thus, should WCCI receive the necessary financing to fill the gap, the development team will be able to move quickly to construction.
Juniper Crossing II will target households with incomes at or below 60% area median gross income. Juniper Crossing II will include twenty (20) one-bedroom units and seventeen (17) two bedroom units for a total of 37 units. The target population for Juniper Crossing II will be seniors. Juniper Crossing II will include the construction of a three-story elevator building with various amenities including: on-site management office, community room with kitchenette, and more. The project is in close proximity to various amenities including Scioto Southland Community Center, ALDI, Kroger, Central Ohio Area Agency on Aging, and a COTA bus stop is located in front of the development on Obetz Road and Southpoint Boulevard.
FISCAL IMPACT: No funding is needed.
CONTRACT COMPLIANCE: the vendor number is 033062 and expires 6/24/2024.
Title
To authorize the Director of the Department of Development to enter into a Housing Development Agreement (HDA) with Erie Ohio Capital CDFI Fund LLC for the Juniper Crossing II project; ($0.00)
Body
WHEREAS, the Director of Development seeks to enter into a Housing Development Agreement (HDA) with Erie Ohio Capital CDFI Fund LLC for the Juniper Crossing II project; and
WHEREAS, the HDA would memorialize the City’s desired commitment to the project, pending City Council approval and future availability of funds; and
WHEREAS, The Department of Development wishes to support this project by contributing $2,000,000.00 of bond funds from the 2023 Capital Budget; and $500,000.00 of bond funds from the 2024 Capital Budget; and
WHEREAS, this legislation would authorize the Director of Development to first execute the HDA and pending the availability of funding in the 2023 and 2024 Capital Budgets, the department will seek City Council’s approval to enter into a grant agreement; and
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That Director of the Department of Development is authorized to enter into a Housing Development Agreement (HDA) with Erie Ohio Capital CDFI Fund LLC for the Juniper Crossing II project.
SECTION 2. That this ordinance shall take effect and be in force from and after the earliest period allowed by law.