City of Columbus - File #: 3083-2023

• File #: 3083-2023
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 10/27/2023
• In control: Economic Development Committee
• On agenda: 11/20/2023
• Final action: 11/22/2023
• Title: To authorize the Director of the Department of Development to enter into a Capital Improvement Agreement with The Gravity Project 3 Holdings, LLC in an amount up to $2,000,000.00 to reimburse for certain eligible project costs associated with Inclusive Housing Units to be provided by the GreenHouse Gravity project in East Franklinton; to authorize the Director of the Department of Development to execute and approve such other agreements and instruments contemplated by the Agreement; to authorize the expenditure of up to $2,000,000.00 from the Development Taxable Bond Fund and to allow for expenditures prior to the Purchase Order; and to declare an emergency. ($2,000,000.00)

Date	Ver.	Action By	Action	Result
11/22/2023	1	ACTING CITY CLERK	Attest
11/21/2023	1	ACTING MAYOR	Signed
11/20/2023	1	COUNCIL PRESIDENT	Signed
11/20/2023	1	Columbus City Council	Approved	Pass

Explanation

BACKGROUND

This Ordinance is to authorize the Director of the Department of Development to enter into a Capital Improvement Agreement (the “Agreement”) with The Gravity Project 3 Holdings, LLC (the “Developer”), in an amount of up to $2,000,000.00 from the 2023 Capital Improvement Budget for the purpose of reimbursing the Developer for certain eligible project costs associated with Inclusive Housing Units to be provided by the GreenHouse Gravity project in East Franklinton.

Pursuant to Ordinance No. 0140-2017, the City and The Gravity Project, LLC entered into an Economic Development Agreement on February 2, 2017 for Phase I of the Gravity Project and pursuant to Ordinance No. 1732-2019, the City and Gravity Project 2, LLC to enter into an Economic Development Agreement on September 27, 2019 for Phase II of the Gravity Project, which is a three-phase development occurring in East Franklinton. GreenHouse Gravity is the third phase of the Gravity Project development.

The Developer proposes GreenHouse Gravity, a mixed-use residential and retail development that will include 313 apartment units, 5,300 square feet of retail space and a 324-space parking garage (the “Project”) located at the former AD Farrow Harley Davidson dealership and NWD Franklinton, LLC sites generally located at 501 West Broad Street and 36 S. May Avenue and identified as Franklin County Tax Parcels 010-021196.00, 010-050085-00, 010-057684-00 and 010-000899-00. This 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 site, 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% Area Median Income (“AMI”) (the “Inclusive Housing Units”).

The City entered into an Economic Development Agreement (the “EDA”) with the Developer ...