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Re: [columbia_heights] Donatelli Development - Columbia Heights Neighbohood Fund

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  • Richard Layman
    - http://www.thecommondenominator.com/060302_news2.html ________________________________ From: Zach Teutsch To:
    Message 1 of 3 , Aug 5, 2012
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      - http://www.thecommondenominator.com/060302_news2.html


      From: Zach Teutsch <zteutsch@...>
      To: columbia_heights@yahoogroups.com
      Sent: Sunday, August 5, 2012 10:07 AM
      Subject: Re: [columbia_heights] Donatelli Development - Columbia Heights Neighbohood Fund

       
      Good question!

      On Sun, Aug 5, 2012 at 9:12 AM, <whj@...> wrote:
       
       
      In 2001 as part of their proposal for the two Metro Sites in Columbia Heights, Donatelli Development proposed the creation of the Columbia Heights Neighborhood Fund(CHNF).  In the Land Disposition Agreement (LDA) filed with the recorder of deeds in 2005, the fund would be seeded from 5% annaul net rental income from the development which would become Kenyon Square and Highland Park.   As well, "CHNF will regularly promote the availability of the grant funds (and the associated grant criteria) via media and information networks oriented to Columbia Heights.," according to the LDA. 
       
      Since 2005, Donatelli Development has  recieved millions in property tax abatements, given via their network over $100K in political donations, and millions worth of zoning relief.  But not a public peep from them on the fund and its status. Does the fund exist, who is directing it, who have been the awardees, where's the promotion, do awardees need approval from  CM Graham to know about and access the fund?
       
      If Donatelli Development has not met such a simple committment and agreement, why is the city paying them via a tax abatement to do so? Maybe, if you have the right political connections such agreements don't matter?
       
      William
       
       
      [ From Donatelli proposal submitted 11/05/01]
      Included among the merits of our development proposal are:
       
      - The commitment of the development team to support the work of neighborhood based social/economic
      development groups via the Columbia Heights Neighborhood Fund, which will be created and funded by the development team. And or commitment to donate computing equipment and telecommunications services for the initiative to create an internet based "library and information center" in Columbia Heights.
       
      - That the equity and debt financing needed for the proposed development program are from private sector
      sources. No public financial subsidies are relied upon.
       
      -The proven ability of the development team to secure equity/debt financing and actually complete the proposed
      development programs.
       
       
      ---------------------------
       
      Exhibit M
      Neighborhood Fund Plan
      Columbia Heights Neighborhood Fund
      [Filed with recorder of deeds 7/21/05]

      The Columbia Heights Neighborhood Fund (CHNF) will be organized and administered by Columbia Heights Ventures LLC (CRY) (or the CRY affiliate) which owns the real estate projects to be developed on NCRC Parcel 15 and NCRC Parcel 26 (the Projects).
       
      The CHNF will receive a percentage of the annual net rental income of the Projects, and then make grants to support selected youth oriented activities and programs of community based (non-profit) economic and social service organizations in Columbia Heights.
       
      For a period often (10) years from the Certificate of Completion for the respective Project, CRY will make the annual deposits to the CHNF upon the conclusion of the fiscal accounting year for each Project.
       
      For both of the developments taking place on Parcels 15 and 26, CHV will donate 5% of its annual project net rental income to the CHNF. All of these deposits (including any interest earned) will be employed to fund grants. No administrative charges or overhead (except and independent accounting expense) will be deducted from the deposits.
       
      Grants to support selected youth oriented activities and programs will be made throughout the calendar year. CHNF will establish general grant criteria and application procedures including applicant eligibility, and maximum grant amounts.
       
      CHNF will regularly promote the availability of the grant funds (and the associated grant criteria) via media and information networks oriented to Columbia Heights.
       

      Upon the conclusion of the ten (10) year deposit period, any non-disbursed funds remaining in the CHNF will be donated to one or more Columbia Heights based 501(c)(3) youth and or social services organization.
       
      --------------------------------

      Developers pitch proposals for Columbia Heights sites
      Washington Business Journal by Thomas C. Hall, Staff Reporter
      Date: Monday, December 3, 2001, 12:00am EST
      http://www.bizjournals.com/washington/stories/2001/12/03/story6.html?page=all
       



      --
      Zachary Teutsch
      zteutsch@...
      202-599-0915 (c)



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