Explanation
Background: Trident Broad Development LLC (the “Developer”) and its affiliates own or control ±84 acres of real property located at 260 Taylor Station Drive, 6105 Westbourne Avenue, and 109 Corrina Drive (altogether, the “Site”) near the intersection of Taylor Station Road and Westbourne Ave on the former Lucent Technologies, Inc. manufacturing, distribution, and office site. The Developer is proposing to construct on the Site approximately 240 multi-family residential rental units with amenities (the “Apartment Project”), two industrial buildings of approximately 200,000 to 225,000 square feet of warehouse space, and another building with approximately 40,000 to 60,000 square feet of flex office space (collectively with the Apartment Project, the “Project”). Ordinance No. 2046-2022 authorized the Director of the Department of Development to enter into that certain Economic Development Agreement dated as of March 13, 2024 (the “EDA”) with the Developer to outline commitments of the parties regarding the Site and the Project. Among other things, the EDA specified that the Apartment Project would allocate 10% of the total units to be leased to households classified as up to 60% of the area median income and another 10% of the total units to be leased to households classified as up to 80% of the area median income. The Developer has requested the option to provide 30% of the total units to be leased to households classified as up to 80% of the area median income consistent with the community reinvestment area created over the Site pursuant to Ordinance No. 3448-2023 and Columbus City Codes Chapter 4565 pursuant to Ordinance No. 3447-2023, as each have been amended from time to time. In addition, the EDA authorized the Developer to assign the EDA (without further City approval) to specific affiliates and lenders, which have now changed in order for the Developer to close on financing for the Apartment Project. This legislation will authorize an amendment ...
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