Explanation
Background: This legislation authorizes the Director of the Department of Development (the “Director”) to enter into an Economic Development Agreement (the “EDA”) with 477 Columbus LLC (the “Developer”). The Developer is proposing an approximately $100 million mixed use commercial office, residential, and retail development on the former Hoster Brewery site located at 477 South Front Street and currently identified as Franklin County Auditor tax parcel identification numbers: 010-022715-00, 010-022713-00, 010-063725-00, 010-026058-00, and 010-022716-00 (the “Project Site”).
The development is being undertaken as a Public-Private Partnership (P3) between the City and the Developer as a signature project for the Brewery District. The EDA will outline the mutual commitments of the City and Developer and memorialize their understandings and agreements with respect to such cooperation as it relates to the provision of certain City financial incentives being offered to the Developer conditioned upon the Developer meeting certain City policy goals.
The Developer will construct +/-105,000 square feet of Class A commercial office space, 42 apartment units, 32,000 square feet of restaurant/bar space, 26,538 square feet of event space and a 350-space structured parking garage (the “Project”). In lieu of allocating twenty percent (20%) of the apartment units to inclusive housing, the Developer will make a payment in lieu totaling $80,000 or $10,000 each for eight units. The Developer has expressed its intention to make good faith efforts to employ Minority Owned Business Enterprises and Women Owned Business Enterprises for the performance of a minimum of 30% of the work that is funded in whole or in part by public funds. The Developer will dedicate a minimum of 200 spaces in the structured parking garage to public use. To improve and provide access to the structured parking garage, the Developer will manage the design of improvements to South 2nd Street, w...
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