ORDINANCE NO. 250289
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Sponsor: Councilmember Melissa Robinson
Approving a modification of the incentivized project construction timeline for the Promise Place Central City Economic Development affordable housing project located at 4423 Olive Street.
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WHEREAS, on September 23, 2021, Council passed Ordinance No. 210695 that authorized the City Manager to negotiate and execute a $2,666,667.00 development agreement for the purpose of constructing a 101-unit affordable housing development located at 4423 Olive Street; and
WHEREAS, on May 26, 2022, Council passed Ordinance No. 220430 that authorized the Director of Housing and Community Development to negotiate and execute a CCED Funding Agreement with Promise Place, LLC in the amount of $3,600,000.00 for the for the same development at 4423 Olive Street; and
WHEREAS, on July 18, 2024, Council passed Ordinance No. 240504 that awarded the project $250,000.00 in Community Development Block Grant (CDBG) dollars and $250,000.00 in federal HOME dollars; and
WHEREAS, the proposal provides for the creation of 101 units of affordable housing for families with incomes between 30% - 60% of AMI, consisting of one, two- and three-bedroom units, a community room, leasing office, and fitness center; and
WHEREAS, on April 13, 2023, Council approved Ordinance No. 230316, enacting Code ? 74-12, which provides default construction timelines for incentivized projects; and
WHEREAS, Code ? 74-12 provides that construction of the Project must be substantially complete by September 23, 2026; and
WHEREAS, the construction delay for the Project is due to no fault of the developer, as the developer has to rebuild its capital stack and will resubmit for a 4% low-income housing tax credit; and
WHEREAS, the Original Redeveloper has remained unable to complete construction for the Project; and
WHEREAS, the Council believes that the public purpose supporting the Project remains...
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