Explanation
Background: This ordinance authorizes and directs the Director of the Department of Development to authorize the assignment and assumption of developer responsibilities under a Clean Ohio Revitalization Fund (CORF) agreement, authorized under Columbus City Council Ordinance 0918-10, approved June 28, 2010, for the residential development project at the former Kimball-Midwest site on 580-582 West Goodale Blvd.
Ordinance 0918-10 authorized the Director to enter into an agreement with Wagenbrenner Development, Inc. to apply an awarded $3 million CORF grant to environmentally remediate the site and invest approximately $9 million to construct 90-120 market rate apartment units. The agreement allowed for an assignment and assumption option if and when Wagenbrenner determined it wanted to sell the property.
Wagenbrenner recently completed environmental remediation at the former Kimball-Midwest site and the property is now ready for vertical construction. Wagenbrenner however wishes to exercise its option to sell the property to another Columbus area developer, Kaufman LLC, and has requested the Director of Development to authorize the assignment and assumption of responsibilities to develop the site.
Kaufman wishes to invest approximately $20 million to construct a five story mid-rise apartment complex with 175 units and a parking garage. The project is approved, permitted and can be complete by the fall/winter of 2013, if the requested assignment and assumption is approved by Columbus City Council.
This ordinance is submitted as an emergency to effect assignment and assumption by Wagenbrenner to Kaufman as soon as possible so that construction may commence.
Fiscal Impact: There are no costs to the City of Columbus under this ordinance.
Title
To authorize and direct the Director of the Department of Development to authorize the assignment and assumption of developer responsibilities authorized under Columbus City Council Ordinance No. 0918-10 for the residential development project at the former Kimball-Midwest site on 580-582 West Goodale Blvd. from Wagenbrenner Development, Inc. to Kaufman LLC; and to declare an emergency.
Body
Whereas, the Department of Development has been engaged in brownfield redevelopment since 1996 through its administration of the Columbus Brownfield Redevelopment Program; and
Whereas, the Department of Development was successful in obtaining a $3 million CORF grant from the State of Ohio Department of Development to environmentally remediate the former Kimball-Midwest site at 580-582 West Goodale Blvd. and allow for redevelopment of the site in partnership with Wagenbrenner Development, Inc.; and
Whereas, Wagenbrenner Development, Inc. wishes to sell the site to Kaufman LLC to meet its obligation to develop the site under the terms of the CORF grant agreement between the City of Columbus and Wagenbrenner as authorized under Columbus City Council Ordinance 0918-10; and
Whereas, the Columbus Department of Development determines that assignment and assumption of said agreement by Kaufman LLC is allowable and in the best interest of the City of Columbus; and
Whereas, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to begin the process to effect the assignment and assumption of the former Kimball-Midwest site CORF grant agreement from Wagenbrenner to Kaufman, all for the preservation of public health, peace, prosperity, safety and welfare, Now, Therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Director of the Department of Development is hereby authorized and directed to authorize the assignment and assumption of developer responsibilities under the Clean Ohio Revitalization Fund grant agreement for the former Kimball-Midwest site, at 580-582 Goodale Blvd., from Wagenbrenner Development, Inc. to Kaufman LLC.
Section 2. 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.