Here is more info on the project from a transmittal from City Manager Lemmie to City Council:Transmitted herewith is an Emergency Ordinance captioned as follows:
AUTHORIZING the City Manager to execute a forgivable loan agreement with Dorian Development VI, Limited, an Ohio limited liability company, in the amount of $1,500,000.00 in order to assist in the creation of 68 for-sale condominium units on Glencoe Place, Leroy Court and View Court in Mount Auburn.
BACKGROUNDDorian Development VI, Limited (the Developer) proposes to rehabilitate five buildings commonly known as the Glencoe-Auburn Apartments, into 68 condominium units. The buildings were originally constructed in 1888 and were renovated in 1975 through Cincinnati’s first low-income housing rehabilitation program. Despite the success of the rehabilitation project, the 90-unit complex suffered a steady decline. By 1992, the once renowned complex had deteriorated significantly. The U.S. Department of Housing and Urban Development (HUD) foreclosed on the project and transferred ownership to the Developer. All units are vacant and the buildings have been designated a
National Historic District.
The project will be completed in three phases with 31 units to be completed in Phase I, 23 units to be completed in Phase II, and 14 units to be completed in Phase III. Phase I is anticipated to be completed in 19 months, Phase II is anticipated to be completed in 26 months, and Phase III is anticipated to be completed 36 months from the date of the contract execution. The completed units will range in variety and price, including:
• Fifteen approximately 1,300 square foot flats each with an open floor plan, dramatic gallery wall, fireplace and expansive windows overlooking the wooded hillside;
• Forty-eight town houses ranging from 2,100 to 2,500 square feet, offering multiple levels of open floor plans, creating an expansive multi storied gallery wall, and a master suite featuring walk-in closets and a sitting area; and
• A former hotel containing five units of both townhouse and flats with an average 1,835 square feet. The project funding in the total amount of $16,932,026 is from the following sources: the Developer’s equity, LaSalle Bank and the City. The City’s funding totals $2,600,000.00 as follows:
• Up to $1,100,000 for phased public improvements in the public right-of-way, in a manner consistent with the development plan submitted to the City.
• Up to $1,500,000 for direct project assistance to aid in the elimination of slum and blighting influences, 70 percent of which will be available for Phase I, and City funds will be disbursed on a pro-rata basis with the bank’s funds as units are completed with a maximum of $33,871 per unit. Up to $287,500 will be available for Phase II and up to $162,500 will be available for Phase III with a maximum of $12,500 per unit.
RECOMMENDATIONThe Administration recommends approval of this emergency ordinance. The reason for the emergency is the need to execute the Funding Agreement without delay thereby assisting in the creation of more homeownership opportunities at the earliest possible time.
http://city-egov.rcc.org/BASISCGI/BASIS/council/public/child/DDD/13078.pdf
STATEMENT OF WORK AND BUDGETI. STATEMENT OF WORKA. Activity SummaryThe Inwood village project consists of 97 unoccupied units in five buildings also known as LeRoy Court North and south; View Court and Glencoe North and South. These units will be converted into 67 condominiums. Inwood Village has been designated a National Historic District. The units range in variety and price including: Fifteen, approximately 1,300 square foot (S.F.) fats each with an open floor plan, dramatic gallery wall, fireplace and expansive windows overlooking the wooded hillside. Nine five-story, 2,500 S.F., town houses offering multiple levels of open floor plans, creating an expansive multi storied gallery wall. The master suite features walk in closets and a sitting area. Thirty-nine four-story town houses, of 2,023 S.F., and a hotel containing five units of both townhouse style and flats in an average 1,835 S.F.
The use of City funds towards the Inwood Village project involves the following:
* $1,100,000 for phased public improvements/streetscape in the public right-of-way, in a manner consistent with the development plan that has been submitted to this Department, and as to be designed and built by the City’s Department of Transportation and Engineering (DOTE).
* $1,500,000 direct project assistance to aid in the elimination of slum and blighting influences with up to 70% of the $1,500,000 to be used in Phase I. Phase I City funds of $1,050,000, will be disbursed as monthly draws, up to $33,871 per unit, involving 31 units for code related items. Phase II City
funds of $287,500 and phase III City funds of $162,500 will be disbursed up to $12,500 per unit, involving 36 units for code related items.
Transfer of City owned lots within the project site, to the Developer(via separate City Ordinance). A project schedule and budget are to commence as follows:
B. Estimated Development ScheduleInwood Village Project TimelineActivities Completion DateJune 2005, Begin Phase I Public improvements and installation of proposed street closure. Within 10 months
July 2005, Official Marketing Kick Off. First Open House. Within 12 months
September 2005, Close construction loan Within 13 months
October 2005, Begin Phase I Within 14 months
May 2006, Begin Phase II (Final Phase) – Public improvements Within 15 months
June 2006, Begin Phase II – Buildings Within 16 months
October 2006, Complete Public Improvements (all phases) Within 19 months
October 2006, Complete Phase I – Buildings Within 19 months
February 2007, Begin Phase III – Buildings Within 22 months
March 2007, Complete Phase II – Buildings Within 23 months
October 2007, Project Completion. Sell out period to continue through April 2008. Within 36 months
Total of 36-month project completion schedule.
More on the funding and legal mumbo-jumbo:http://city-egov.rcc.org/BASISCGI/BASIS/council/public/child/DDD/13080.pdf
