Explanation
1. BACKGROUND
This legislation authorizes the Director of the Department of Development to enter into an Economic Development Agreement with DEL Partners, LLC (hereinafter the “Development Team”), concerning the redevelopment of the former McNabb Funeral Home site located on the north side of East Long Street between Garfield Avenue and Monroe Avenue in the King Lincoln District on the Near East Side (the “Site”).
The development project has been undertaken in cooperation and partnership with the City of Columbus and Columbus Next Generation Corporation, to result in a mixed-use project on the Site that includes the construction of 130 residential units and up to 10,000 square feet of ground floor commercial space (the “Project”). The private investment in the Project will be approximately twenty million dollars ($20,000,000.00).
Design and construction of public infrastructure improvements through and around the Site will occur in conjunction with the development of the Project. Improvements will be constructed on East Long Street (from Garfield to Monroe), Garfield Avenue (from Long Street to Mayme Moore Place), and Monroe Avenue (from Long Street to Mt Vernon Avenue). Streetscapes will include new pavement, new curbs to replace existing (sandstone curbs to be refurbished where needed), six foot wide sidewalks, pedestrian lighting, litter receptacles, and street trees and necessary utility relocation work. Utility work only will be constructed on Talmadge Street (from Long Street to approximately 115’ north of first east/west alley north of Long Street) and the first east/west alley north of Long Street (from Garfield to Talmadge).
The Economic Development Agreement outlines the plans and certain commitments of both parties relating to the development. Under the Economic Development Agreement, the Development Team will provide the upfront financing for the design of the public infrastructure improvements and will be reimbursed by the City co...
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