Council to consider final approval of $6.4 million loan to developer

Columbus City Council members are scheduled to consider the final approval of a more than $6 million loan to a Bloomington developer for a housing and commercial project at the corner of 11th and Washington Streets downtown, when they meet Tuesday evening.

Rubicon Investment Group of Bloomington is planning to build a $30.9 million project with a five-story building including a parking garage, commercial space and 120 housing units on the corner property. Before recent demolitions on the site, it previously included two derelict homes, the former Joe Willy’s restaurant and a drive-through bank building. The developers are asking the city to provide $6.4 million in funding through a forgivable loan that would come from property taxes paid into the downtown Tax Increment Financing District.

The apartment rents are expected to range from $1,320 to just over $2,300 a month. 24 of the apartments would be 600 square foot studios all the way to 8 three bedroom units at almost 1,300 square feet. According to city documents, 10 percent of the units would be considered workforce units which would offer a 20 percent reduction in rent.

The Columbus Redevelopment Commission signed off on the proposal at their meeting last month. And City Council gave its first approval of the loan earlier this month with Council members Chris Bartels and Grace Kestler voting against it.

City Council meets at 6 p.m. Tuesday in the Council Chambers at Columbus City Hall.

Rubicon project rendering courtesy of developer via City of Columbus Redevelopment Department.