AExplanation
Background: The City, Columbus Downtown Development Corporation (dba Downtown Columbus, Inc.), an Ohio not-for-profit corporation, and Scioto Peninsula Holdings Ltd. (“SPH”), an Ohio limited liability company, entered into that certain Economic Development Agreement dated as of February 7, 2017 authorized by Ordinance No. 3121-2016. Pursuant to Ordinance No. 0193-2017, the City of Columbus has leased to SPH, a subsidiary of Columbus Downtown Development Corporation, the real property which has the general boundaries of West Broad Street to the north, Belle Street to the east, West Town Street to the south, and the Norfolk Southern right of way west of Starling Street to the west (the “Peninsula”) for a term of 99 years, renewable forever. As contemplated by the lease, the City has previously conveyed four lots on the Peninsula to SPH to facilitate the first phase of the Peninsula development resulting in construction of approximately 231,000 square feet of office space, 330 apartment units, and 193 hotel rooms.
The 2022 Downtown Strategic Plan, adopted by Resolution No. 0164X-2022, recommends: creating a 15-minute downtown where people do not need a car to accomplish the basic needs of living (grocery, pharmacy, daycare, shopping, etc.); identifying focus areas for growing urban districts to concentrate public and private investment for short, intermediate, and long-term success; and requiring and approving high density urban residential development downtown to grow the population. The next phase of Peninsula development is proposed to include approximately 385 residential units, a 35,000 square foot grocery store, and 450 stall parking public garage (collectively, “Phase II”). The parties desire to enter into a memorandum of understanding (the “Phase II MOU”) outlining the parties’ respective commitments for Phase II to implement the 2022 Downtown Strategic Plan. As contemplated by the lease between the City and SPH, whereby DCI and SPH proposes t...
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