Explanation
BACKGROUND: The purpose of this ordinance is to amend Ordinance 1154-2007 to replace TG707, Inc. with TechCenter South Development Co., LLC (an affiliate of Greystone & Co., Inc.) as the appropriate legal entity with whom the City will enter into a development agreement and seek an Ohio Job Ready Sites (JRS) grant, to benefit redevelopment of the former Techneglas site.
Pursuant to Ordinance 1154-2007, passed by Columbus City Council on July 16, 2007, the Director of Development received authorization to enter into a partnership agreement with TG707, Inc. to apply for a $5 million Ohio JRS grant for improvements at the former Techneglas site on Columbus' Southside at 707 Jenkins Avenue. The redevelopment project is known as TechCenter South.
The City of Columbus will be the applicant for the JRS grant and will enter into a development agreement with TechCenter South Development Co., LLC (an affiliate of Greystone & Co., Inc.) as its partner to redevelop the site if the JRS grant application is successful.
This legislation is submitted as an emergency to assure meeting the JRS grant application deadline of May 15, 2008.
FISCAL IMPACT: No funding is required for this legislation and there are no costs to apply for the Job Ready Sites grant of $5,000,000.
Title
To amend Ordinance 1154-2007 to replace TG707, Inc. with TechCenter South Development Co., LLC as the appropriate legal entity with whom the City will enter into a development agreement and seek an Ohio Job Ready Sites grant to benefit redevelopment of the former Techneglas site; and to declare an emergency.
Body
WHEREAS, Ohio voters approved a $2 billion public works and economic development bond package on November 8, 2005; and
WHEREAS, the Ohio Job Ready Sites Program was created as a result of the aforementioned bond package, allowing for applications from Ohio communities for, but not limited to, infrastructure improvements, building demolition, const...
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