Explanation
BACKGROUND:
The purpose of this legislation is to authorize the Director of the Columbus Department of Development to execute all documents necessary to reflect the change in ownership for the Broad and High Project and to assign all existing tax and grant incentives to the new ownership entity.
The Broad and High Project is a new, major mixed use project at the historic corner of Broad and High Streets which will transform this area in to an exciting and dynamic hub of activity in downtown Columbus. Ordinance No 1565-2004 authorized a Real and Personal Property Enterprise Zone tax incentive and development agreement for the project and Ordinance No. 0697-2005 authorized acceptance of a $750,000 Clean Ohio Assistance Fund grant to be applied to asbestos removal, demolition and other eligible costs under agreement, at the project site. These ordinances and associated agreements were approved at the time Casto Communities was the owner of the project.
Recently, Broad and High Development LLC acquired ownership of the properties comprising the Broad and High Project. It is the intent of Broad and High LLC to accomplish this project, as originally presented by Casto Communities, provided all existing tax and grant incentives can be re-assigned to Broad and High Development LLC.
FISCAL IMPACT:
There are no costs to the City of Columbus associated with amending existing tax incentive and grant agreements reflecting this change in project ownership.
EMERGENCY JUSTIFICATION:
This legislation is submitted as an emergency to commence amending the tax incentive and grant agreements immediately.
Title
To authorize and direct the Director of the Columbus Department of Development to amend and execute all documents necessary to reflect the change in ownership of the Broad and High Project and assign all existing tax and grant incentives to the new ownership entity; and to declare an emergency.
Body
WHEREAS, the Broad ...
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