Explanation
1. BACKGROUND
For the past several years, Nationwide Realty Investors ("NRI") and the City of Columbus ("City") have been actively involved in the redevelopment of that area of the City now known as "the Arena District". As a part of this joint redevelopment project, several streets and alleys within the area have been rebuilt and/or improved.
The plan for improvement of River District East Roadways - Part 3 (2474 DR E) identified Nationwide Boulevard, Brodbelt Lane, Hanover Street and Cozzins Street as streets that would benefit from the exchange of several small parcels of existing right-of-way for additional rights-of-way. NRI facilitated the execution of General Warranty Deeds that transfer a total of 0.054 acres of additional right-of-way from Putnam Hill Company Limited Partnership, ("Putnam Hill"), WMAE Realty, LLC ("WMAE Realty"), Eastside Equipment Company, LLC ("Eastside Equipment"), Hanover Investment Company, LLC ("Hanover Investment") and Mountain Coal Company, LTD ("Mountain Coal") to the City. In exchange for these dedications, the City has been asked to transfer 0.053 acres of existing right-of-way to Mountain Coal, WMAE Realty and Atlas Supply Company, LLC ("Atlas Supply").
After investigation it has been determined the exchange of these parcels of land is in the best interest of all the parties involved and should be authorized. The City will retain a general utility easement for those utilities currently located within the portions of existing right-of-way being transferred to the adjacent property owners until all utilities have been relocated out of this right-of-way.
2. FISCAL IMPACT
N/A
3. EMERGENCY JUSTIFICATION
The construction facilitated by these exchanges has been completed and until these exchanges are finalized, taxpayer funded roadway improvements are located on private property. It is in the best interest of all parties to complete these exchanges as quickly as possible to legalize the City's u...
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