The Columbus City Council has given the final green light to a $5.8 million forgivable loan to the developer of a proposed mixed-use development that includes about 50 luxury apartments near a Cummins Inc. parking garage in the city’s downtown.
The loan aims to help developer Flaherty & Collins bankroll a mix of apartment units and commercial space in front of Cummins’ parking garage along Washington Street between Sixth and Seventh streets. The total cost of the development is estimated at about $16 million.
The city council meeting drew a crowd, with several members of the audience speaking during a public comment period. Most of the speakers asked the council to vote no on the project or at least hold off on making a decision until the city completes its housing study. At times, the meeting became heated.
The proposal includes a five-story structure with approximately 50 apartments and approximately 10,000 square feet of ground floor retail/commercial space. Cummins owns the property.
On Monday, the council voted 4-2 to approve on second reading an ordinance authorizing the loan, with council members Jerone Wood and Grace Kestler voting against the measure. City council member Elaine Hilber abstained because she is a Cummins employee. No votes were changed from the first reading of the proposal, which also drew a large group of residents who opposed city funding for the project.
“The $5.8 million will be issued as a forgivable loan,” city Redevelopment Director Heather Pope said in a previous interview. “… We’ll just basically write a check for $5.8 million rather than taking on debt.”
She added that Flaherty & Collins will pay the amount back over time through their property taxes.
Read more about this story in Wednesday’s print and web editions of The Republic.
