Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to enter into an Amended and Restated Economic Development Agreement with Riverside Sunshine, LLC and EF Garage, LLC (collectively, the “Developer”) to outline the mutual commitments and obligations of both parties to the redevelopment of the former Riverside Bradley public housing development in East Franklinton (the “Site”) (the “Agreement”). The Agreement will replace the Economic Development Agreement between the City and CWKSS Franklinton Developer, LLC (the “Original Developer”) dated October 6, 2015, pursuant to Ordinance No. 1804-2015 (the “Original Agreement”). Riverside Sunshine, LLC and EF Garage, LLC are entities formed by CWKSS Franklinton Developer, LLC and the Columbus Metropolitan Housing Authority (“CMHA”) to redevelop the Site.
Since the Original Agreement was executed, redevelopment of the Site has been expanded for a higher density mix of uses. The Developer is proposing to invest $50 million into the Site for the construction of approximately 230 residential units; up to 28,000 square feet of ground floor commercial space; and a 292 space structured parking garage (the “Project”). Public improvements for the Project include extending Lucas Street (from Rich Street to Cherry Street) and Cherry Street (from McDowell Street to Lucas Street), and streetscape improvements to the adjacent sections of Rich and McDowell Streets.
As part of the Agreement, the Developer will commit a minimum of 50 residential units to workforce housing for individuals and families earning 80%-120% of the Area Median Income (AMI) and 74 residential units will be affordable at 120% of the AMI. The Developer will also commit 200 spaces in the parking garage to public parking through a Declaration of Public Parking Garage Covenants for a period of 30 years and will make annual revenue sharing payments to the City during that same period. The Developer will fund the desi...
Click here for full text