COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 220429
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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.
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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 ...
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