Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development and the Director of the Department of Public Service, on behalf of the City to execute an Economic Development Agreement with Pizzuti MH LLC (“Pizzuti”) and Washington Oak Realty, LLC (hereafter referred to as “Encova Insuance”). A joint venture between Pizzuti and Encova Insurance (collectively, the “Developer”) is undertaking the phased redevelopment of several surface parking lots located within the general vicinity of Oak Street and Washington Avenue in the Discovery District. Upon completion, the phased development will deliver approximately 518 residential units and up to 15,000 square feet of retail space that will represent a total estimated investment of $96 million (the “Project”).
In support of the Project advancing City policy goals related to increasing the supply of housing units, the Department of Development and/or the Department of Public Service will: 1) submit for City Council consideration, a request in the City’s 2026 capital improvement budget to include funding for subsequent legislation authorizing a contribution of up to $1,650,000 for the purpose of reimbursing the Developer for costs associated with designing improvements to Oak Street from 9th Street to Lester Drive (the “Oak St (9th to Lester) Improvements”) and for costs associated with any necessary water and sewer capacity upgrades; 2) submit a request to include funding for costs to construct the Oak Street (9th to Lester Improvements) as part of the City’s 2027 capital improvement budget (“2027 CIB”) process; and 3) design and construct a 575-space public parking garage that will serve the parking needs of the Discovery District.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development and the Director of the Department of Public Service to enter into an Economic Development Agreement with Pizzuti MH LLC (“Pizzuti”) and Washington Oak Realty, LLC (referred to as “Encova Insurance”) to outline the plans and certain commitments of the parties as it relates to the redevelopment of surface parking lots in the vicinity of Oak Street and Washington Avenue in the Discovery District. ($0.00)
Body
WHEREAS, a joint venture between Pizzuti MH LLC (“Pizzuti”) and Washington Oak Realty, LLC (hereafter referred to as “Encova Insurance”) (collectively, the “Developer”) proposes to undertake the redevelopment of several surface parking lots situated within the vicinity of Oak Street and Washington Avenue in the Discovery District; and
WHEREAS, upon completion, the phased development will deliver approximately 518 residential units and up to 15,000 square feet of retail space that will represent a total estimated investment of $96 million (the “Project”); and
WHEREAS, in support of the Project advancing City policy goals related to increasing the supply of housing units and reducing Downtown surface parking lots, the Department of Development and/or the Department of Public Service will: 1) submit for City Council consideration, a request in the City’s 2026 capital improvement budget to include funding for subsequent legislation authorizing a contribution of up to $1,650,000 to reimburse the Developer for costs associated with designing improvements to Oak Street from 9th Street to Lester Drive (the “Oak St (9th to Lester) Improvements”) and for costs associated with any necessary water and sewer capacity upgrades; 2) submit a request to include funding for costs to construct the Oak Street (9th to Lester Improvements) as part of the City’s 2027 capital improvement budget (“2027 CIB”) process; and 3) design and construct a 575-space public parking garage that will serve the parking needs of the Discovery District; and
WHEREAS, the project is being undertaken as a Public-Private Partnership (P3) between the City and the Developer as a signature infill redevelopment project for the Discovery District; and
WHEREAS, the City's commitment to provide financial assistance for the Project is contingent upon either appropriation and/or authorization pursuant to subsequent passage of legislation submitted for City Council consideration; and
WHEREAS, the City and the Developer desire to memorialize their understanding and commitments to the Project by entering into an Economic Development Agreement (the “EDA”); and
WHEREAS, it is necessary to authorize the Director of the Department of Development and the Director of the Department of Public Service to enter into an EDA with the Developer in support of the Project; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the Director of the Department of Development and the Director of the Department of Public Service, or his or her designees (the “Directors”), on behalf of the City, are hereby authorized to enter into the Economic Development Agreement with Pizzuti MH LLC (“Pizzuti”) and Encova Insurance presently on file with the Department of Development, along with any changes or amendments thereto not inconsistent with this Ordinance and not substantially adverse to the City and which shall be approved by the Directors and the City Attorney, provided that the approval of such changes and amendments thereto, and the character of those changes and amendments not being substantially adverse to the City, shall be evidenced conclusively by the execution and delivery of the Economic Development Agreement with the Developer to outline the plans and certain commitments of the City and the Developer relating to the proposed Project.
SECTION 2. That this ordinance shall take effect and be in force from and after the earliest period allowed by law.