Explanation
BACKGROUND: The City owns Franklin County Tax ID Parcel Nos. 010-054645 (the “NMDA Parcel”) and formerly owned 010-307276 as has been split and re-platted from time to time (the “Project Site”). North Market Development Authority, Inc. (“NMDA”) leases and operates a public market in a former warehouse (the “North Market”) on the NMDA Parcel. The City selected NM Developer LLC (the “Developer”) from a request for proposals to redevelop the Project Site with a 32-story mixed-use project. Pursuant to Ordinance No. 2135-2023 passed by City Council on July 24, 2023, the City entered into the First Amended and Restated Economic Development Agreement dated August 29, 2023 (the “Restated EDA”) with the NMDA and the Developer. Pursuant to the Restated EDA, the new development on the Project Site will include public parking spaces, an expansion of the North Market, a public atrium, patio, and plaza in support of the North Market, and other public improvements and site work described in the Restated EDA (collectively, the “Public Project”). Ordinance No. 2135-2023 also authorized the City to enter into the Cooperative Agreement dated August 29, 2023 (the “Cooperative Agreement”) with the Columbus-Franklin County Finance Authority to provide a portion of the financing for the Public Project (the “Public Improvements Grant”). Ordinance No. 3371-2023 authorized the first five million dollars of the Public Improvement Grant to the Columbus-Franklin County Finance Authority, and Ordinance No. 3371-2024 authorized the next thirteen million dollars of said grant. This legislation will authorize amendments to the Restated EDA and the Cooperative Agreement to allow a more timely payment by the Columbus-Franklin County Finance Authority of a portion of the final $13 million dollars of the Public Improvement Grant to be remitted from the City to the Columbus-Franklin County Finance Authority. It is necessary to certify the required funds, in the amount up to $13 million do...
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