ORDINANCE NO. 230379

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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 Seven J's, LLC, in the amount of $350,000.00 for the purpose of rehabilitation of existing affordable housing development located at 1410 E. 30th Street; and appropriating money for such purpose.

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WHEREAS, Seven J's, LLC ("Developer") has proposed to rehabilitate the Neyan's Place, a residential facility which includes 6 residential units to be located in Mount Hope neighborhood along East 30th Street (the "Project Site"); and

WHEREAS, the Developer's proposal will provide 6 units of affordable housing for families with incomes at 30%-80% of AMI; and

WHEREAS, the development will include one bedroom, two-bedroom, parking, framing, drywall, electrical, lighting, plumbing, HVAC, painting, flooring, windows, decks, and parking; 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 $350,000.00 and the Central City Economic Development Sales Tax Board has recommended that funding be approved in the amount of $350,000.00; 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) results in generation of tax revenues to the City from the conduct of business and other activities in the City that would not otherwise occur; (v) serves as a cataly...

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