Explanation
Background: This legislation authorizes the Director of the Department of Development to enter into the Grant Agreement with the Hilltop RISE Economic Community Development Corp. (“Hilltop RISE”) providing for the acquisition and related costs of about two parcels located at approximately 3085-3093 West Broad Street and 3095-3099 West Broad Street. The City is now in the process of partnering with the Central Ohio Transit Authority to develop bus rapid transit from Downtown Columbus to Prairie Township along W. Broad Street (the “W. Broad St. BRT Corridor”), and the City is implementing ZoneIn Phase 1 and ZoneIn Phase 2 to allow for mixed-use developments along parts of the W. Broad St. BRT Corridor. The City of Columbus will contribute funds to Hilltop RISE to be used for the acquisition and related costs of about two properties for the purpose of Hilltop RISE renovating them into mixed-use properties that will provide affordable housing units at or below 80% AMI and a total of about 6,112 square feet of commercial retail space serving commuters on the W. Broad St. BRT Corridor.
Approval is requested for reimbursement of acquisition related expenses incurred prior to the execution of the purchase order, starting August 22, 2025.
Emergency Justification: An emergency exists in the usual daily operations of the Department of Development in that it is necessary to authorize the Director of the Department of Development to proceed as quickly as possible with the execution of the Grant Agreement with Hilltop RISE to thereafter immediately provide the funds from the City necessary to allow Hilltop RISE to meet the closing deadline for the acquisition, or such property may not be acquired.
Fiscal Impact: The City is transferring, appropriating, and authorizing the expenditure of $1,200,000.00 deposited within the Old Dublin Road TIF Fund (7467) to Hilltop RISE for property acquisition and related costs pursuant to the Grant Agreement with Hilltop RISE.
...
Click here for full text