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Council hears second reading of Greenwood Commons CRA agreement: 252 units with 20% set aside for affordable rents
Summary
Council heard the second reading of a CRA agreement for Greenwood Commons, a proposed 252-unit multifamily development at 340 Lake Street. Staff described a proposed 10-year, 70% abatement on increased value with 20% of units reserved at 50'60% AMI; council did not vote and the item was returned for a third reading.
City staff presented the second reading of an ordinance on April 14 that would authorize a Community Reinvestment Area agreement with Greenwood Commons LLC for a proposed 252-unit multifamily development on the former Salvation Army site at 340 Lake Street.
"This is a CRA agreement for Greenwood Commons," said Nick Leifer, a staff member. He said the agreement as drafted calls for a 10-year, 70% property-tax exemption on the increased value of new improvements (excluding land) and that the developer had agreed to allocate 20% of the 252 units (about 51 apartments) as affordable units under HUD and Ohio Housing Finance Agency guidance.
Details in the draft agreement included unit mix and example rents tied to AMI calculations: 17 studios at $761 per month (50% AMI), 9 one-bedrooms at $812 per month (50% AMI) and 25 two-bedrooms at about $1,186 per month (60% AMI), with rents adjusted annually following HUD updates. Staff said construction completion was expected on or before June 2027, with lease-up, including the affordable units, to start at completion.
Staff told council the agreement would require monitoring and reporting, including rent and occupancy reports and income documentation, and that failure to meet the affordable-unit requirements would allow the city to claw back the abatement. The draft also required that affordable units be integrated with market-rate units (no separate entrances or different materials) and that all residents have equal access to amenities.
Why it matters: If approved, the agreement would produce 252 new rentals and reserve roughly 51 units at income-restricted rents, while temporarily reducing tax receipts on the added value for a decade. The project is intended to increase housing supply and provide workforce housing near existing job centers.
Action taken: The council conducted a public hearing on the ordinance and did not adopt it on April 14. Staff recommended the item proceed to a third reading; council scheduled further consideration at a subsequent meeting.
Ending: The council will consider the ordinance and the CRA agreement again at the next reading; staff recommended approval conditioned on the developer meeting monitoring and affordability requirements.
Provenance: Transcript excerpts for the ordinance reading, staff presentation, and closing of the public hearing are included below.
