Explanation
BACKGROUND
This legislation authorizes the Director of the Department of Development to enter into a grant agreement with the Ohio Community Development Finance Fund for the Preston Pointe project.
Total City funding for this project is $2,000,000.00. This ordinance establishes the $500,000.00 bond-funded portion of the Preston Pointe project. Ohio Community Development Finance Fund is the developer of the Preston Pointe project and will enter into a grant agreement with the city for the bond funds as a pass-through entity. These bond funds will be loaned to the limited partnership established for Preston Pointe, FF Preston Pointe, L.P. the ownership entity.
A separate ordinance will be put forth in the amount of $1,500,000.00 for the HOME program funding, provided by the U.S. Department of Housing and Urban Development, of this project. The HOME funds will be provided directly to 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 is 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 rooftop designed to reduce overall energy use. The proposed development is targeting a 20% energy use reduction resulting in an approximately 24% reduction in Greenhouse gas emissions. A reduction in greenhou...
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