Explanation
BACKGROUND: The purpose of this legislation is to authorize the Director of the Department of Development to enter into an agreement of understanding with 8 East Long Holdings, LLC in conjunction with a Clean Ohio Assistance Fund (COAF) grant application for environmental clean up at the Atlas Building at 8 East Long Street in Downtown Columbus and to apply to the Ohio Department of Development for a COAF grant in an amount of up to $750,000.00 for environmental clean up at the site.
The Atlas Building was constructed in 1923 and is on the National Register of Historic Places. The building has 12 stories of office space with first floor retail space and was recently acquired by 8 East Long Holdings, LLC who plans to convert the building into 102 apartment units and maintain first floor retail space. Total project cost is estimated at $12 million.
If awarded the requested COAF grant, the funding will be used for asbestos abatement and limited interior demolition.
This legislation authorizes the agreement of understanding along with the grant application and is submitted as an emergency to commence the Clean Ohio grant application process immediately to insure meeting state datelines.
FISCAL IMPACT: There are no costs to the City of Columbus associated with applying for Clean Ohio Assistance Funding. If the application is approved, the City will receive a Clean Ohio Assistance Fund Grant from the Ohio Department of Development in the amount of $750,000.00 to apply toward site clean up.
Title
To authorize and direct the Director of the Department of Development enter into an agreement of understanding with 8 East Long Holdings, LLC in conjunction with a Clean Ohio Assistance Fund grant application for environmental clean up at the Atlas Building at 8 East Long Street in Downtown Columbus and to authorize the application to the Ohio Department of Development for a Clean Ohio Assistance Fund grant of up to $750,000.00 for environmental ...
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