Explanation
BACKGROUND: The purpose of this ordinance is to authorize an agreement between the Director of the Columbus Department of Development and the Ohio Department of Development to accept a $5,000,000.00 Job Ready Sites (JRS) grant for improvements at the TechCenter South site (formerly know as the Techneglas site) and to authorize any necessary agreements with the site owner, TechCenter South Development Co., LLC (an affiliate of Greystone & Co., Inc.) as the City's principle agent to facilitate site improvements under the said grant for redevelopment of the TechCenter South site.
Pursuant to Ordinance 1154-2007, passed by Columbus City Council on July 16, 2007, the Columbus Director of Development received authorization to enter into a partnership agreement with TG707, Inc. to apply for a $5,000,000.00 Ohio JRS grant for improvements at the former Techneglas site on Columbus' Southside at 707 Jenkins Avenue, for the redevelopment project known as TechCenter South. This ordinance was later amended, under Ordinance 0691-08, passed by Columbus City Council on April 21, 2008, to reflect the City of Columbus as the grant applicant in partnership with the TechCenter South Development Co., LLC; replacing TG707 Inc. as the appropriate legal entity with whom the City would enter into a development agreement.
The former Techneglas plant closed in 2004 and served as one of Columbus' major industrial employers for many years. The site has remained largely vacant since with approximately 48 acres and over 1 million square feet of re-developable space.
With the JRS grant, the City, in partnership with the TechCenter South Development Company will renovate the existing space and undertake site improvements to accommodate an anticipated employment potential of over 1,500 jobs.
FISCAL IMPACT: Funding is through the General Government Grant Fund. The City of Columbus will receive a Job Ready Sites grant of $5,000,000.00 to apply toward improvements t...
Click here for full text