49-2020 - TIF for Solove Development Detroit, Parkwood, Wyandotte

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Anderson, Bullock, George, Litten, O'Leary, RESOLUTION NO. 2019-08 O'Malley, Rader A RESOLUTION to take effect immediately provided it receives the affirmative vote of at least two thirds of the members of Council, or otherwise to take effect and be in force after the earliest period allowed by law, amending Ordinance No. 58-04, adopted July 6, 2004, for the pur- pose of fostering the investment and development of affordable housing in new multi -family and mixed -use construction projects in Community Reinvestment Area (CRA) #l, which is the citywide CRA. VaIEREAS, Lakewood's Community Vision aims to support a variety of housing options that meet the needs of our diverse community, and seek new funding sources to support workforce housing in Lakewood and moderate -income households which are ineligible for federally funded housing programs; and WT EREAS, Lakewood's Community Vision aims to provide a variety of housing types that meet the needs of the whole community while encouraging new and infill development which is complementary to the scale and character of surrounding residential uses; and WT EREAS, it is a desire to ensure new multi -family housing and mixed use projects offer true mixed income opportunities for people interested in living in Lakewood; and WHEREAS, Ohio Revised Code Sections 3 73 5.65 through 3 73 5.70 (collectively, the "Act") have authorized counties or municipalities to designate areas as Community Reinvestment Areas for the purpose of encouraging economic and community development in areas that have not enjoyed reinvestment by remodeling or new construction; and WHHEREAS, Community Reinvestment Area 91 was originally created in 1978 via Resolution 53-04, amended and updated in 1985 via Resolution 5955-85, amended and updated in 2002 via Resolution 7710-02, and amended and updated in 2004 via Ordinance 58-04; and WHEREAS, this Council desires to pursue all reasonable and legitimate incentive measures to assist and encourage development of new residential housing and mixed -use projects, specifically for projects that provide true mixed -income housing options in Lakewood; and WIFIEREAS, the City has determined, that there has been and is a shortage of new multi- family residential housing within the City and the City therefore wishes to encourage the construction of new multi -family residential housing and mixed -use projects within the Area; and WHEREAS. Council hereby finds and determines that the construction of structures in the Community Reinvestment Area, consistent with the City's land use requirements, would serve to encourage residential growth and stability, maintain real property values, and generate new employment opportunities within the City; and 12777360 v4