Explanation
BACKGROUND: The City owns Franklin County Tax ID Parcel Nos. 010-054645 (the “NMDA Parcel”) and 010-307276 (the “Project Site”). North Market Development Authority, Inc. (“NMDA”) leases and operates a public market in a former warehouse (the “North Market”) on the NMDA Parcel. The City selected NM Developer LLC (the “Developer”) from a request for proposals to redevelop the Project Site with a now 32-story mixed use tower as well as public parking spaces, an expansion of the existing North Market building, and a public atrium, patio, and plaza in support of the North Market (collectively, the “Project”). Pursuant to Ordinance No. 1993-2019 passed by City Council on July 22, 2019, the City entered into the Economic Development Agreement dated September 11, 2019 (the “Original EDA”) with the NMDA and the Developer. This ordinance authorizes the City to amend and restate the Original EDA and to enter into the First Amended and Restated Economic Development Agreement with the Developer and NMDA that authorizes the parties to amend and restate their understanding and agreements related to the Project, as market conditions have changed significantly since entering into the Original EDA due to the COVID-19 pandemic and its subsequent economic impacts. This ordinance also authorizes the City to enter into a Cooperative Agreement with the Columbus-Franklin County Finance Authority to provide financing for certain public portions of the Project. This ordinance additionally authorizes the City to acknowledge and agree to the terms and conditions of a Declaration of Public Parking Garage Covenants to be executed and recorded by the Developer against the Project Site. This ordinance will further authorize the City to enter into a Memorandum of Understanding between the City, the Developer, and the property owners adjacent to the Project Site between N. High Street, Vine Street, N. Wall Street, and Spruce Street, 459 High Street Development LLC, Yankee Brothers LL...
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