COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 220429

title
Reducing an appropriation in the amount of $275,000.00 in the Central City Economic Development Sales Tax Fund; appropriating $275,000.00 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 Monarque Advisory, LLC, in the amount of $275,000.00 for the purpose of redeveloping and constructing affordable housing development located at 2904 E. 23rd Street and 2914 E. 23rd Street.

body
WHEREAS, Monarque Advisory, LLC ("Developer") has proposed to construct the Washington Wheatley Development Project, a residential facility which includes 9 residential units to be located in Washington Wheatley neighborhood along East 23rd Street and Agnes Avenue (the "Project Site"); and

WHEREAS, Developers proposal will provide 9 units of affordable housing for families with incomes at 80% of AMI; and

WHEREAS, development will include two-bedrooms with two-bathroom units, parking, curbs and sidewalks, landscape, framing, drywall, electrical, lighting, plumbing, HVAC, sheetrock, flooring, windows, decks and solar panels; 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 $668,232.00 and the Central City Economic Development Sales Tax Board has recommended that funding be approved in the amount of $668,232.00; 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 ...

Click here for full text