City of Cincinnati eos Two Centennial Plara Suite 700 805 Central Avenue Cineinnsti, Ohio 45202 Phone (513) 352.6145 Fax 13} 352-6113 ane Michael L. Cervay Director Depactmers of Comm Pauline Van der Haer Dorian Development 2100 Auburn Avenue Cincinnati OH 45219-2907 RE: Inwood Village Dear Ms. Van der Haer: In our meeting of March 23, 2005, you proposed two Options for City funding of the Inwood Village project: $1.5 million to be used for acquisition or rehabilitation. Based ‘upon our review of Your proposal, 1 am prepared to recommend to the City Manager partipation by the City in the above captioned project of 67 units as follows: * $1,100,000 for phased public improvements in the public right-of-way, in @ manner consistent with the development. Plan that has been submitted to this Department, to be designed and bull by the Gty’s Department of Transportation and Engineering (OTE). * $1,500,000 direct project assistance to aid in the elimination of slum and blighting oo -rr—<“‘ te; dhl ll will de disbursed as monthly draws, up to $33,871 Per unit, involving 31 units for code related items. Phase II and I City funds will be disbursed up to $12,500 per unt, invoiving 36 units for code related items. * Transfer of City ewned lots within the project site, to the Developer. This financing recommendation is contingent on the following: 1. Approval by City Council, 2 Successful "negotiation of @ Development Agreement and other relsted documents dosing all financing on the development, 3 Completion of a third party market stucy demonstrating financial Viability of the entire Project consistent with the proposed financing and marketing plan. 4 Compliance with all applicable regulations of the U. §. Department of Housing and. Urban paxeigpment (HUD), parteulary those associated with the Davis-Eator Act ang) lend hazards, as well as applicable State and locai las 5. Guarantees of completion, acceptable to the City, from the Project developer, jointly and ‘severally By Pauline Van der Haer, Ralph Bawtenheimer and Dorian Development.Pauline Van der Haer March 24, 2005 Page 2 5. Builder’ risk, Casualty and Liability Insurance, naming the City as an additonal insured, and acceptable to the City’s Department of Law. Opinion of counsel regarding the enforceability of the Development Agreement and such other matters as required by the City. Complete plans, specification and cost estimates, acceptable to the City. Copies of any and all environmental, soil tests, and other similar engineering and consultant reports, indicating that ro conditions exist that could cause adverse impacts on the complete implementation of the project. 10. Presentation of a schedule, acceptable to the City, which establishes an estimated timetable for completion of the project and public improvements 11. Updated evidence of private financing commitment, 12 The City loan will be disbursed monthly on a pro rata basis with the primary lencer based upon completed work and an acceptable schedule of values, 13, Receipt of correspondence from the Ohio State Historic Preservation office, 1, Ohio State Historic Preservation Office confirming final historic review and approval, including any conditions. Finally, contingent upon Adminis:rative approval of participation in this project, the normal time frame for legal assistance for the preparation of an authorizing ordinance and contract review by City Council is 8 weeks, All items requested must be in place prior to submisson of an ordinance and contract to City Courcil, Please indicate below your agreement with thie action pian In adalton, please contact my assistant Velda Chapman at 352-1948 to set up 2 meeting So that we may move forward with mutual understanding of a further course of action Sin erely, Oe a. Lock, J for Mictpel L. Cervay Director cc: Dick Weiland Agree: a Aachen La beiT re _8/2b/os Pauline Van der Haer Data Ralph BawtenheimerCity of Cincinnati May 25, 2005 To Mayor and Members of City Council From Valerie A. Lemme, City ManagedP” 200510070 Subject: EMERGENCY ORDINANCE - INWOOD VILLAGE 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 n order lo assist in the creation of 68 for-sale condominium unils on Glencoe Place, Leroy Court and View Court in Mount Auburn. BACKGROUND 7 Doran Development VI, Limited (the Developer) proposes to rehabiltate five buildings commonly Anouin as {ne Glencoe-Auburn Apartments, into 68 condominium units. The buildings were orginally constructed in 1888 and were renovated in 1975 through Cincinnal's firs low-income housing rehabilitation program. Despite the success of the renabiltation project, the 90-unit compiex suffered a steady decline By 1992, the once renowned complex had deteriorated significantly. The US 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 ll, and 14 units to be completed in Phase tll, Phase | is anticipated to be completed in 19 months, Phase Il is anticipated to be completed in 26 months, and Phase lil ss anticpatec to be completed 36 months from the cate 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 stoned gallery wall, and a master Suite featuring walk-in closets ano a sitting area: and * A former hotel containing five units of both townhouse and flais 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 ; LaSalle Bank and the City. The City's funding totals $2,600,000 .00 as follows * UP 0 $1.100.000 for phased public improvements in the public right-of-way, in a manner Consistert with the development plan submitted to tne 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 |, and City funds will be disbursed