Explanation
BACKGROUND:
City Council has by Ordinance No. 1194-02, adopted July 29, 2002, authorized the sale of its interest in the 0.7553 acre parcel, situated generally on South High Street immediately west of the City Center Parking Facility, to Capitol South Community Urban Redevelopment Corporation to facilitate the development thereon of a market-rate apartment project. Since such authorization, the scope of such project has changed and additional agreements and documents necessary to proceed to closing have been identified. This Ordinance amends such previous Ordinance to redefine the project as comprising 75 market-rate apartments over retail space and to authorize the additional agreements and documents necessary to proceed with development.
FISCAL IMPACT:
No funding is required for this legislation.
Title
To amend Ordinance No. 1194-02; to authorize the Directors of Finance, Public Utilities and Public Service to enter into additional agreements and documents in connection with the conveyance of the City's interest in a 0.7553 acre property on South High Street to Capitol South Community Urban Redevelopment Corporation and the future development thereof; and to declare an emergency.
Body
WHEREAS, the Council of the City of Columbus did by Ordinance No. 1194-02, adopted July 29, 2002, authorize the sale of its interest in the 0.7553 acre parcel, situated generally on South High Street immediately west of the City Center Parking Facility, to Capitol South Community Urban Redevelopment Corporation to facilitate the development thereon of a 100 market-rate apartments in two, six story buildings; and
WHEREAS, the project has been re-defined is now comprised of 75 market-rate apartments over retail in one, four story building (the "High Street Apartment Project"); and
WHEREAS, additional agreements and documents necessary to proceed to closing have been identified; and
WHEREAS, an emergency exists in the usual ...
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