Explanation
BACKGROUND: The City owns or owned Franklin County Tax ID Parcel Nos. 010-054645 (the “NMDA Parcel”) and 010-307276 (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 2135-2023 also authorized the City to enter into the Cooperative Agreement dated August 29, 2023 with the Columbus-Franklin County Finance Authority to provide a portion of the financing for the Public Project (the “Public Improvements Grant”). Ordinance 3371-2023 authorized the first five million dollars of the Public Improvement Grant to the Columbus-Franklin County Finance Authority. This legislation will authorize the $13 million dollars of the Public Improvement Grant to the Columbus-Franklin County Finance Authority per the agreement. Additional legislation will be submitted to address the remaining balance of the Public Improvements Grant.
An amendment to the 2024 Capital Improvement Budget is necessary in order to amend and reduce the authority within the Streets and Highways GO Bond Fund (7704) in the amount up to $18 million and increase the authority within the Development Taxable Bonds Fund (7739) in the amount up to $18 million dollars. It is also nec...
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