With the need for housing remaining paramount in the community, the Columbus City Council during its Monday meeting will take action regarding a housing redevelopment plan in an effort to move forward with construction.
The meeting is set to take place at 7 p.m. inside of the council chambers, 1369 25th Ave.
Following a public hearing, the Council will take action regarding an amendment to the redevelopment plan for the Southeast Redevelopment Area, with SERC LLC serving as the project applicant. The planning commission previously recommended approval, according to Staff Report information.
“This is another TIF (tax-increment financing) kind of down by Centennial (Elementary) School on the south side,” City Administrator Tara Vasicek said. “I believe that SERC is proposing 34 townhomes and that is, once again, workforce housing.”
Workforce housing following a strict set of parameters, she said. Rental properties must be valued at under $250,000 to build each unit, and if it is owner occupied it must be under a sale price of $275,000 per unit. The project, she said, is in its infancy, adding that it will likely be at least a three-phase project.
The project she said, is a recipient of the city’s Rural Housing Workforce grant, which is allocating $850,000 to three community housing projects in an effort to build affordable housing for community members, retain employees and promote overall growth.
Following potential approval of the redevelopment plan, the council will convene as a Community Development Agency to approve use of TIF for the development, Vasicek said.
Tax increment financing is a public financing method that is used as a subsidy for redevelopment, infrastructure, and other community-improvement projects.
“It’s kind of a subset committee of the Council, obviously, and they have to approve the agreement for TIF,” she said. “So we are just convening as the CDA to approve the redevelopment agreement for that SERC project.”