Label
Amended $300,000 Contract
Torrey Hill Apartments, LLC
Department of Neighborhood & Business Development
Amy Sackman Odum (3647)
Title
Authorizing the Mayor to enter into a Real Estate Purchase Agreement with Torrey Hill Apartments, LLC and to execute and deliver needed instruments for the sale and conveyance of certain city-owned real property at 336 14th Street in the City of Toledo, Lucas County, Ohio; waiving the competitive bidding and advertising provisions of TMC 187.19; authorizing the deposit of $300,000; authorizing the Mayor to execute and deliver the needed instruments to release the mortgage in whole, on the Low Income Housing Tax Credit Project for the 52-unit multi-family rental housing complex called Torrey Hill Apartments, LLC; making certain findings with respect thereto; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
The City of Toledo is the fee simple owner of certain real property located at 336 14th Street in the City of Toledo, Lucas County, Ohio. The property consists of one parcel (TD 15-50317) and is approximately 0.8982 acres of land. The improvement on the real property is currently owned by Adams Street Limited Partnership, LLC. It is known as Uptown Arts Apartments, LLC, which is a 52-unit affordable multi-family complex consisting of one-two-and three-bedroom garden and townhouse style apartments.
In order to facilitate the development of the complex in the early 2000s, the City entered into a 90 year ground lease agreement with Adams Street Limited Partnership, LLC and provided a HOME Investment Partnerships Program loan to assist in the financing of the project. In exchange for the HOME loan a certain number of units are required to be affordable for a period of time.
In addition to the City's assistance, the project was awarded Low-Income Housing Tax Credits. The Low-Income Housing Tax Credit program (LIHTC) is a public policy tool used to provide funding for the development of affordable housing. ...
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