Explanation
Background: Trident Broad Development LLC (the “Developer”) and its affiliates own or control ±84 acres of real property located at 260 Taylor Station Drive, 6105 Westbourne Avenue, and 109 Corrina Drive (altogether, the “Site”) near the intersection of Taylor Station Road and Westbourne Ave on the former Lucent Technologies, Inc. manufacturing, distribution, and office site. The Developer is proposing to construct on the Site approximately 240 multi-family residential rental units with amenities (the “Apartment Project”), two industrial buildings of approximately 200,000 to 225,000 square feet of warehouse space, and another building with approximately 40,000 to 60,000 square feet of flex office space (collectively with the Apartment Project, the “Project”). Ordinance No. 2046-2022 authorized the Director of the Department of Development to enter into that certain Economic Development Agreement dated as of March 13, 2024 (the “EDA”) with the Developer to outline commitments of the parties regarding the Site and the Project. Among other things, the EDA specified that the Apartment Project would allocate 10% of the total units to be leased to households classified as up to 60% of the area median income and another 10% of the total units to be leased to households classified as up to 80% of the area median income. The Developer has requested the option to provide 30% of the total units to be leased to households classified as up to 80% of the area median income consistent with the community reinvestment area created over the Site pursuant to Ordinance No. 3448-2023 and Columbus City Codes Chapter 4565 pursuant to Ordinance No. 3447-2023, as each have been amended from time to time. In addition, the EDA authorized the Developer to assign the EDA (without further City approval) to specific affiliates and lenders, which have now changed in order for the Developer to close on financing for the Apartment Project. This legislation will authorize an amendment to the EDA to (i) modify the workforce housing requirements as set forth in Section 1.B. of the EDA and (ii) modify the eligible assignees and successors to whom the EDA may be assigned as set forth in Section 4 of the EDA. This legislation will also authorize the Director of the Department of Development to consent to such assignments as required in Section 4 of the EDA.
Fiscal Impact: There is no fiscal impact for this legislation.
Emergency Justification: An emergency exists in the usual daily operations of the Department of Development in that it is immediately necessary to authorize the Director to enter into the amendment to the EDA and consent to the assignments of the EDA so that the Developer can close on the financing for the Apartment Project before its deadline, which in turn will allow the Developer to begin constructing the workforce housing units in the Apartment Project, all for the immediate preservation of the public health, peace, property, safety, and welfare without delay.
Title
To authorize the Director of the Department of Development to enter into the First Amendment and Partial Assignment of Economic Development Agreement between the City, Trident Broad Development LLC, and TCG Elford Broad Apartments Holdings, LLC to amend the workforce housing requirements and the eligible assignees and successors of the developer; to authorize the Director to provide written approval and consent of the partial assignments between developer and developer’s affiliate and developer’s affiliate and lender; and to declare an emergency. ($0.00)
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WHEREAS, Trident Broad Development LLC (the “Developer”) is developing a mixed-use project on real property located on the former Lucent Technologies, Inc. site at 260 Taylor Station Drive, 6105 Westbourne Avenue, and 109 Corrina Drive (altogether, the “Site”); and
WHEREAS, the development will consist of about 240 multi-family residential rental units with amenities (the “Apartment Project”), two industrial buildings of approximately 200,000 to 225,000 square feet of warehouse space, and another building with approximately 40,000 to 60,000 square feet of flex office space (collectively with the Apartment Project, the “Project”); and
WHEREAS, as part of the Developer’s commitment to the City’s policy goals, the workforce housing as part of the Apartment Project would allocate 10% of the total units to be leased to households classified as up to 60% of the area median income and another 10% of the total units to be leased to households classified as up to 80% of the area median income; and
WHEREAS, Ordinance No. 2046-2022 authorized the City and the Developer to enter into that certain Economic Development Agreement dated March 13, 2024 (the “EDA”) regarding the Site and the Project; and
WHEREAS, the Developer has requested to amend the EDA to provide the option to provide 30% of the total units to be leased to households classified as up to 80% of the area median income consistent with the community reinvestment area created over the Site pursuant to Ordinance No. 3448-2023 and consistent with current Columbus City Codes Chapter 4565 pursuant to Ordinance No. 3447-2023, as each have been amended from time to time; and
WHEREAS, the Developer has also requested to amend the EDA to permit the Developer to assign the EDA to specific affiliates and lenders other than those identified in the EDA but necessary to close on financing for the Apartment Project; and
WHEREAS, an emergency exists in the usual daily operations of the Department of Development in that it is immediately necessary to authorize the Director to enter into the First Amendment and Partial Assignment of Economic Development Agreement that provides written agreement and consent to the partial assignments of the EDA as required therein to allow the Developer to close on the financing for the Apartment Project before its deadline, which in turn will allow the Developer to begin constructing the workforce housing units in the Apartment Project, all for the immediate preservation of the public health, peace, property, safety, and welfare without delay; and NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Director of the Department of Development, or his or her designee (together, the “Director”), on behalf of the City, is hereby authorized to enter into the First Amendment and Partial Assignment of Economic Development Agreement among the City, Trident Broad Development LLC, and TCG Elford Broad Apartments Holdings, LLC 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 provided that such shall be approved by the Director and the City Attorney.
Section 2. That such First Amendment and Partial Assignment of Economic Development Agreement will modify the workforce housing requirements as set forth in Section 1.B. of the EDA to be consistent with current Columbus City Codes Chapter 4565 and will modify the eligible assignees and successors of the Developer to whom the EDA may be assigned as set forth in Section 4 of the EDA; authorizes the Director to approve the partial assignment of the EDA between the Developer and Developer’s affiliate, TCG Elford Broad Apartments Holdings, LLC, which partial assignment will assign the Developer’s rights, benefits and obligations under the EDA, but only to the extent such rights, benefits, and obligations pertain to the Apartment Project.
Section 3. That the Director is hereby authorized to consent to the Collateral Assignment of Economic Development Agreement between the Developer’s affiliate, TCG Elford Broad Apartments Holdings, LLC, and the affiliate’s lender, First Commonwealth Bank, to assign to the lender the affiliate’s right, title, and interest in and to the EDA, but only to the extent such right, title, and interest pertain to the Apartment Project, and any and all extensions, modifications, or renewals of such assigned right, title, and interest of the Apartment Project.
Section 4. That for reasons stated in the preamble hereto, which is hereby made a part hereof, this 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.