ORDINANCE NO. 220425

title
Reducing an appropriation in the amount of $783,266.00 in the Central City Economic Development Sales Tax Fund; appropriating $783,266.00 from the Unappropriated Fund Balance in the Central City Economic Development Sales Tax Fund; and authorizing the Director of the Housing and Community Development Department to negotiate and execute a Funding Agreement with GEM Theater Cultural and Performing Arts Center, Inc in the amount of $783,266.00 for the purpose of constructing an affordable housing development located at 2033 Vine Street.

body
WHEREAS, GEM Theater Cultural and Performing Arts Center, Inc ("Developer") has proposed to construct the 21 Vine Live/Work Townhomes, a residential facility which includes 5 residential units to be located in Wendell Phillips neighborhood along East 21st Street and Vine Street (the "Project Site"); and

WHEREAS, Developers proposal will provide 3 units of affordable housing for families, and 2 market rate units of affordable housing for families with incomes between 40% - 60% of AMI; and

WHEREAS, Developers proposal includes two-bedroom 21/2 bathrooms, a studio working spaces, covered garages, and walkout balconies; and

WHEREAS, the Developer's proposal contemplates a financing package that includes Central City Economic Development Sales Tax Funds; and

WHEREAS, the Developer requested a public contribution of $783,266.00 and the Central City Economic Development Sales Tax Board has recommended that funding be approved in the amount of $783,266.00; and

WHEREAS, the project serves a predominantly public municipal purpose because, without limitation, completion of the project (i) enhances the tax base of the Project Site; (ii) retains and generates jobs; (iii) promotes economic development in the area of the City in which the Project Site is located, and promotes consideration of areas of the City that the City Council has determined to be blight...

Click here for full text