ORDINANCE NO. 230373

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Sponsor: Director of Housing and Community Development Department

Authorizing the Director of the Housing and Community Development Department to negotiate and execute a Central City Economic Development Funding Agreement with Genesis Networks, LLC, in the amount of $573,743.00 for the purpose of developing and constructing a mixed-use development featuring a childcare facility and affordable housing development located at 2103 Flora Avenue and 2105 Flora Avenue; and appropriating money for such purpose.

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WHEREAS, Genesis Networks, LLC ("Developer") has proposed to construct the Flora Avenue Apartments and Childcare Center, a residential facility which includes 6 residential units to be located in the Washington-Wheatley Neighborhood along East 21st Street and Flora Avenue (the "Project Site"); and

WHEREAS, the Developer's proposal will provide 6 units of affordable housing for families with incomes at 60%-100% of AMI; and

WHEREAS, the development will include one bedroom, two-bedroom units, laundry room with washer and dryer, covered balcony, off-street parking, and a 54-child capacity childcare center; 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 $573,743.00 and the Central City Economic Development Sales Tax Board has recommended that funding be approved in the amount of $573,743.00; 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 blighted as a location for business operations; (iv) ...

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