Explanation
BACKGROUND
The Gravity Project 3 Holdings, LLC (the “Developer”) is redeveloping the former AD Farrow Harley Davidson dealership and NWD Franklinton, LLC sites currently located at 501 West Broad Street and identified as Franklin County Tax Parcel 010-057684-00 that will include 313 apartment units, 5,300 square feet of retail space and a 324-space parking garage (the “Project”). The Project will provide 50 public parking spaces (the “Public Parking Spaces”), public infrastructure improvements, and public art and place-making improvements adjacent to the Project, and thirty-two (32) affordable residential units as follows: six (6) studio units, seventeen (17) one-bedroom units, and nine (9) two-bedroom units affordable to residents at or below 80% of area median income (the “Inclusive Housing Units”). Pursuant to Ordinance No. 1761-2023, passed on June 26, 2023, the City entered into an Economic Development Agreement dated July 18, 2023 with the Developer which memorializes the capital contribution of $4,000,000 (the “City Contribution”) to reimburse the Developer for approved capital expenditures associated with the Public Parking Spaces, public infrastructure improvements, public art and place-making improvements, and Inclusive Housing Units. Ordinance No. 3083-2023, passed on November 20, 2023, authorized the Director of the Department of Development to enter into a Capital Improvement Agreement with the Developer and authorized the expenditure for the first $2,000,000 of the City Contribution to reimburse the Developer for project costs associated with the Inclusive Housing Units. This Ordinance will authorize the expenditure of the final $2,000,000 of the City Contribution to reimburse the Developer for the costs associated with the Public Parking Spaces, public infrastructure improvements, and public art and place-making improvements including those incurred before the purchase order but after September 1, 2023. This Ordinance will also authori...
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