Columbus council approves apartment bonds

A proposed apartment complex on a portion of the former Golden Casting Foundry site on 10th Street in Columbus is a step closer to reality.

The Columbus City Council voted Tuesday night to give its first approval to issue Economic Development Revenue Bonds, not to exceed $25 million, for the construction of a 209-unit facility on the site’s western end.

Carl Malysz, the city’s Community Development Director, says the complex, called “Ashford Park,” will set aside 40 percent of the units for low-income residents. The remaining units will rent for market value. Herman & Kittle Properties, Inc. is working on the project and will benefit from the issuance of the bonds. The bonds will be repaid by the developer and not the city.

Incoming Mayor Jim Lienhoop initially expressed concerns about possibly opening the city up to liability with the bonds. Councilman Frank Miller also expressed his concerns about what the bonds might mean for the city, as it relates to future bond rates. City Attorney Jeff Logston assured the council that the city would not suffer financially by issuing the bonds.

Council members ultimately approved the request. It will come up for final approval, under a new Mayor and a new city council, in January.