Explanation
BACKGROUND: The purpose of this legislation is to authorize an agreement between the Director of the Department of Development and the Ohio Department of Development to accept Clean Ohio Assistance Grant Funding in an amount of up to $750,000.00 for environmental clean up at the former Jaeger Manufacturing and former Union Fork and Hoe sites at the west edge of the Arena District. This legislation also authorizes an agreement between the Director of the Department of Development and Plaza Properties affiliate; Jaeger Commerce Park, LP to apply the grant funding toward environmental clean up at the project site.
The Ohio Department of Development has approved the grant application contingent on Ohio Controlling Board approval scheduled before the close of 2008.
Authorization to apply for said Clean Ohio Assistance Fund Grant was obtained under Columbus City Council Ordinance 0841-08, approved June 2, 2008.
The contiguous sites total 23 acres and partial demolition has occurred while portions are currently being leased to various entities.
Plaza Properties of Columbus has acquired the site and proposes to construct a mixed-use development consisting of 200-400 residential units with commercial retail and office. The development will also include a park to compliment the project on what is now one of the largest remaining land parcels in the downtown area. Total project investment is estimated to be to be at least $33.5 million for Phase 1 construction.
An environmental assessment has been conducted. Clean up costs, to include asbestos abatement, are anticipated to be approximately $1.4 million of which the grant funding would cover up to $750,000.00 and Plaza Properties supplying the balance.
This legislation is submitted as an emergency to commence the Clean Ohio grant process immediately contingent on Ohio Controlling Board approval.
FISCAL IMPACT: The City will receive a Clean Ohio Assistance Fund Grant from the Ohio Dep...
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