Explanation
BACKGROUND
This ordinance authorizes the Director of the Development Department to modify a grant agreement to add additional funds in the amount up to $10,750,000.00 of U.S. Department of Treasury Emergency Rental Assistance 2 (ERA2) with the Tony R. Wells Foundation dba The Wells Foundation to continue to act as a Fiscal Manager for the disbursement of ERA funds to eligible recipients as part of the department’s ERA2 Investment Strategy. This modification is needed as funds are being expended at an increasing rate and they are needed to continue to provide rental, utility, and other services to residents facing housing instability, eviction, or potential homelessness in the area who qualify for assistance.
Original Agreement $26,125,000.00 Ord. 1569-2023 PO393975
Modification No. 1 $ 0.00 Ord. 2443-2023
Modification No. 2 $16,000,000.00 Ord. 2756-2023 PO413465
Modification No. 3 $10,750.000.00
Total $52,875,000.00
Ordinance No. 1569-2023 authorized the Director of the Department of Development to enter into a grant agreement with the Tony R. Wells Foundation in an amount up to $26,125,000.00 of U.S. Department of Treasury Emergency Rental Assistance 2 (ERA2) funds to act as a Fiscal Manager for the disbursement of ERA funds to eligible recipients as part of the department’s ERA2 Investment Strategy and to authorize an agreement start date of June 1, 2023.
Ordinance No. 2275-2023 authorized the City of Columbus to accept and appropriate up to $90,537,806.23 of Federal Emergency Rental Assistance (ERA2) program funds, as passed by the Consolidated Appropriations Act of 2021.
Ordinance No. 2443-2023 authorized the amendment of Ordinance No. 1569-2023 to allow for an increase in the advance amount that was originally established.
Ordinance No. 2756-2023 authorized the Director of the Department of Development to modify a grant agreement to add additional funds in the amount up to $16,000,000.00 of U.S. Department of Treasury ...
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