ORDINANCE NO. 230367
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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 New Rising Star Missionary Baptist Church in the amount of $836,049.00 for the purpose of constructing affordable housing development located at 2701 E 43rd Street; and appropriating money for this purpose.
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WHEREAS, New Rising Star Missionary Baptist Church ("Developer") has proposed to construct Jamestown, a Development Project which includes 12 duplexes for sale model creating 24 single family residences to be located in Oak Park Neighborhood along East 43rd Street and Montgall Avenue (the "Project Site"); and
WHEREAS, the Developer's proposal will provide 24 units of affordable housing for families with incomes between 60%-100% of AMI; and
WHEREAS, the development will include twelve, two bedroom units, and twelve, three bedroom; 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 $836,049.00 and the Central City Economic Development Sales Tax Board has recommended that funding be approved in the amount of $836,049.00; 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; (...
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