Explanation
BACKGROUND: This ordinance authorizes the appropriation and expenditure of up to $1,500,000.00 of the 2022 HOME Investment Partnerships Program (HOME) funds from the U.S. Department of Housing and Urban Development ($850,000.00 from the 2022 HOME grant and $650,000.00 from 2022 HOME program income) and to enter into a commitment letter, loan agreement, promissory note, mortgage, and restrictive covenant with FF Preston Pointe, L.P. for the Preston Point project.
Total City funding for this project is $2,000,000.00. This ordinance establishes the HOME funding for the Preston Pointe project and another ordinance will be put forth in the amount of $500,000.00 of bond funds for this project. Ohio Community Development Finance Fund is the developer of Preston Pointe and will be entering into a grant agreement with the City for the bond funds as a pass through entity. Those bond funds will be loaned to the limited partnership established for Preston Pointe, FF Preston Pointe, L.P., the ownership entity. The HOME funds placed into this project will go directly to the limited partnership, FF Preston Pointe, L.P.
Preston Pointe is a proposed new construction development consisting of two, three-story apartment buildings totaling 50 dwelling units on East Main Street in the Near East Side neighborhood of Columbus. The buildings will each have sidewalks connecting them to the public right of way and there will be a landscaped green space and a playground on the west lot of the development. The parking and main entrances are in close proximity to the units. The interior of each dwelling unit is creatively designed to be both functional and efficient. Bathrooms and kitchens alike will include easy-to-use fixtures and fittings laid out to accommodate occupants with varying levels of physical capabilities. The design team will meet and exceed all requirements to secure LEED Silver rating. Preston Pointe will also include solar panels on each building’s rooft...
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