Explanation
BACKGROUND: This legislation is a resolution of support for NWD 500 Nationwide, LLC in its efforts to obtain Ohio Historic Preservation Tax Credits for the renovation of property located at 600 West Spring Street.
Built in 1920, the 600 West Spring building is situated in the Arena District area of Downtown Columbus. NWD 500 Nationwide, LLC purchased the property in August 2011 for a planned $1.7 million renovation that will convert the historic building into 20,000 square feet of office space. Construction on the project is anticipated to begin in Fall 2014 for completion in Spring 2015.
NWD 500 Nationwide, LLC is undertaking an effort to obtain Ohio Historic Preservation Tax Credits from the Ohio Department of Development to assist with funding the 600 West Spring project.
This resolution demonstrates the City's continued support in the rehabilitation and reinvestment of the City's historic structures. Historic Preservation Tax Credits are an important financing tool for making historic preservation projects economically feasible.
The Department of Development is requesting this ordinance to be considered an emergency measure in order to allow NWD 500 Nationwide, LLC to submit an application to the State of Ohio for Ohio Historic Preservation Tax Credits, which is necessary to maintaining the project schedule and meeting community commitments.
FISCAL IMPACT: There are no costs to the City associated with this resolution.
Title
A resolution of support for NWD 500 Nationwide, LLC in its efforts to obtain Ohio Historic Preservation Tax Credits for the renovation of property located at 600 West Spring Street in the Arena District; and to declare an emergency.
Body
WHEREAS, NWD 500 Nationwide, LLC is undertaking an effort to obtain Ohio Historic Preservation Tax Credits for the renovation of the 600 West Spring building located in the Arena District; and
WHEREAS, the Ohio Department of Development administers the Ohio Historic Preservation Tax Credit Program and awards additional points within its scoring system to historic preservation projects that are consistent with local government strategic plans; and
WHEREAS, by indicating City Council support of this historic preservation project and its belief that this project is consistent with the City's plans to continue revitalizing the center city, it is Council's intent to assist NWD 500 Nationwide, LLC in obtaining Ohio Historic Preservation Tax Credits to help fund the renovation of the 600 West Spring building in the Arena District; and
WHEREAS, an emergency exists in the usual daily operation of the City of Columbus, in that it is immediately necessary to express its support for NWD 500 Nationwide, LLC in its efforts to obtain Ohio Historic Preservation Tax Credits for the renovation of the 600 West Spring building to maintain the project schedule and meet community commitments, all for the immediate preservation of the public health, peace, property, safety and welfare; and now therefore,
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That it hereby supports NWD 500 Nationwide, LLC in its efforts to obtain Ohio Historic Preservation Tax Credits for the renovation of the 600 West Spring building.
Section 2. That for the reasons stated in the preamble hereto, which is hereby made a part hereof, this resolution is hereby declared to be an emergency measure and shall take effect and be in force from and after its adoption and approval by the Mayor, or ten days after adoption if the Mayor neither approves nor vetoes the same.