Explanation
BACKGROUND:
The purpose of this legislation is to authorize the Director of the Columbus Department of Development to execute all documents necessary to reflect the change in ownership for the Broad and High Project and to assign all existing tax and grant incentives to the new ownership entity.
The Broad and High Project is a new, major mixed use project at the historic corner of Broad and High Streets which will transform this area in to an exciting and dynamic hub of activity in downtown Columbus. Ordinance No 1565-2004 authorized a Real and Personal Property Enterprise Zone tax incentive and development agreement for the project and Ordinance No. 0697-2005 authorized acceptance of a $750,000 Clean Ohio Assistance Fund grant to be applied to asbestos removal, demolition and other eligible costs under agreement, at the project site. These ordinances and associated agreements were approved at the time Casto Communities was the owner of the project.
Recently, Broad and High Development LLC acquired ownership of the properties comprising the Broad and High Project. It is the intent of Broad and High LLC to accomplish this project, as originally presented by Casto Communities, provided all existing tax and grant incentives can be re-assigned to Broad and High Development LLC.
FISCAL IMPACT:
There are no costs to the City of Columbus associated with amending existing tax incentive and grant agreements reflecting this change in project ownership.
EMERGENCY JUSTIFICATION:
This legislation is submitted as an emergency to commence amending the tax incentive and grant agreements immediately.
Title
To authorize and direct the Director of the Columbus Department of Development to amend and execute all documents necessary to reflect the change in ownership of the Broad and High Project and assign all existing tax and grant incentives to the new ownership entity; and to declare an emergency.
Body
WHEREAS, the Broad and High Project is a mixed use project which will transform this historic corner of Broad and High Streets into a dynamic and exciting hub of activity in downtown Columbus; and
WHEREAS, Ordinance No. 1565-2004 authorized tax incentives and Ordinance No. 0697-2005 authorized Clean Ohio Assistance Fund brownfield clean up grant incentives to move the Broad and High Project forward under the ownership of Casto Communities; and
WHEREAS, Broad and High Development LLC recently acquired ownership of the Broad and High Project from Casto Communities and intends to accomplish this project as originally presented by Casto Communities; and
WHEREAS, Broad and High Development LLC has requested transferring the tax and grant incentives approved for the project to reflect the change in ownership and, assign all existing tax and grant incentives to Broad and High Development LC as the new ownership entity; and
WHEREAS, the Director of the Columbus Department of Development has determined the Broad and High Project will move forward, as originally presented by Casto Communities, provided all documents are executed to reflect the change in ownership and assign all approved tax and grant incentives to Broad and High Development LLC; and
WHEREAS, an emergency exists in the usual daily operation of the City of Columbus in that it is immediately necessary to authorize the Director of the Columbus Department of Development to execute all documents necessary to reflect the change in ownership for the Broad and High Project and assign all approved tax and grant incentives to the new ownership entity to preserve public health, peace, property, safety and welfare; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Director of the Columbus Department of Development is hereby authorized to amend and execute all documents necessary to reflect the change in ownership for the Broad and High Project and assign all existing tax and grant incentives to the new ownership entity; Broad and High LLC.
Section 2. That for reasons stated in the preamble hereto, which is hereby made a part hereof, the ordinance is hereby declared to be an emergency measure and shall take effect and be in force from and after its passage and approval by the Mayor or ten days after passage if the Mayor neither approves nor vetoes the same.