Funds for the account will be taken from a surplus in the Neighborhood Market Rate Housing '07 account and can only be used for public improvements, which the City will initiate before January 2009.
Councilmembers Leslie Ghiz and Jeff Berding voted against the ordinance.
Dorian Development has proposed a $20 million rehabilitation of the six buildings in the long-vacant Glencoe-Auburn Row Houses and Glencoe Auburn Hotel complex.
The rehabiliated building shells would then be sold to individual developers, resulting in the construction of 54 condominium units and 14 rental units.
Last month, council approved a motion that would trigger the negotiation of a $5.1 million funding and development agreement between the City and Dorian that was conditional upon the passage of this ordinance.
City administration has been uneasy about financing the project because of insufficient documentation, and worries that City money could be wasted if private financing doesn't materialize before the first unit is produced.
They also worry because no specific homebuilders have been identified, and the entire project rests on Dorian's ability to sell the empty shells in a soft condo market.
Dorian Development plans to unveil the project during Mt. Auburn's Row House Revival, a home show projected for September 2009.
Completion of the Glencoe Hotel and Condominiums is projected for 2011.
Previous reading on BC:
Motion to jumpstart stalled Inwood Village project adopted, but questions remain (9/17/08)
ODOD changes status on Glencoe-Auburn (12/24/07)
Urban Ohio: Fantastic Glencoe-Auburn Place photos (11/21/07)
Inwood Village project seeking preservation tax credits (9/26/07)
Monday, October 6, 2008
City approves $300K for Glencoe-Auburn improvements
