Explanation
The City of Columbus employs approximately 540 staff in its core administrative buildings (City Hall, Beacon Building, 109 North Front). The City has worked diligently for several years to explore and identify viable alternatives including the leasing and acquisition of additional property to provide parking for its core operations, public visitation, and invited guests. The availability of convenient and affordable parking is a key tool in recruiting and retaining qualified staff to work in downtown City Offices and to provide public access.
During the next phase of the Downtown Campus construction project, approximately 275 existing parking spaces located around City Hall, 109 North Front and Ludlow Alley will be lost permanently. Based on current market parking rates in the parking garages most proximate to City Hall, the cost to the City to lease a comparable number of parking spaces is estimated at $345,000 per annum. In addition, the City currently leases approximately 90 parking spaces in the 98-102 North Front Street parking garage for vehicles used in Division of Police operations at a cost of approximately $120,000 per annum. The annual cost of leasing the required parking spaces to support both the core operations and the Division of Police operations, at current parking rates, is estimated at $465,000 annually.
Due to a bankruptcy proceeding, the City has the opportunity to purchase the 98-102 North Front Parking Garage, Franklin County Tax Parcel ID 010-016277 from 98 North Front Street, LLC. This parking facility is proximate to the City Hall Campus and contains approximately 390 parking spaces as well as, approximately 4,950 square feet of office space. The purchase price for the property, including all associated costs of acquisition, will be up to $3,000,000.00. The acquisition price is subject to final negotiation and acceptance by the appointed receiver, creditors, and the court overseeing the bankruptcy proceeding.
The acqui...
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