Housing Authority of Columbus Redevelopment of Booker T. Washington
Initiator
Amy Carbajal, Community Reinvestment
Recommendation
Approve the Resolution and Memorandum of Agreement between the City and the \n \n Housing Authority to redevelop the Booker T. Washington housing development.
Approval
Pending
Background
The Housing Authority has responded to opposition to the original Booker T.
Washington redevelopment plan in the Liberty District and developed an
alternative plan for the redevelopment of this site. The new site for the
first 100 units will be at the Chapman Homes site. The new three story
development will be set aside for senior citizens. Currenty, the Housing
Authority has approximately 100 Senior, public housing residents that may be
eligible for the new units.
Phase II of the Booker T. Washington redevelopment will follow the original
plan and will be built on the north side of the existing site. The site at the
corner of Veterans and Victory will be demolished to create an opportunity for
commercial development.
The Housing Authority is still seeking a 2013 Low Income Housing Tax Credit to
fund the development. That application is due in June, 2013. The Housing
Authority is asking for a financial commitment from the City in the amount of
$2,500,000. This will be paid in the following installments: $400,000 for
five years and $500,000 for the sixth year. The first payment will be due in
2015. The Housing Authority will provide the City with a prorata share of the
proceeds from the sale or lease of property.
Analysis
The redevelopment of Booker T. Washington is in the best interest of the City
of Columbus and its own residents.
Financial Considerations
The annual installments will be from an Economic Development reserve
established by a millage rate pursuant to O.C.G.A. 48-5-350. This statute
allows many types of development projects to be funded by county governments
and their Development Authorities with a separate millage funding up to 3
mills.
Projected Annual Fiscal Impact Statement
The monthly installments will impact the General Fund budget $500,000 each year
for 5 consecutive years.
Legal Considerations
All commitments are contingent upon the Housing Authority's successful tax
credit application. If the application is not successful, there are no legal
obligations to commit property or funding.
Recommendations/ Actions
Approve the Resolution and Memorandum of Agreement between the City and the
Housing Authority to redevelop the Booker T. Washington housing development.