Explanation
BACKGROUND
This legislation authorizes the Director of the Department of Development to enter into an Economic Development Agreement (the “EDA”) with North Pearl Holdings, LLC and CH Executive Investments, II, LLC (hereinafter the “Developer”) to outline the plans and certain commitments of the Developer and the City as it relates to the North Pearl development project.
The Developer is proposing to invest approximately $83.5 million to construct a mixed-use development on real property located at the northwest corner of North Pearl Street and East 16th Avenue and currently identified as Franklin County Auditor Tax Parcel ID 010-299024-00 (the “Subject Property”). The Subject Property is currently owned by Redstone Realty Company, LLC, a wholly-owned subsidiary of Campus Partners for Community Urban Redevelopment (“Campus Partners”), who is actively engaged in the redevelopment of a +/- 9 acre area in the vicinity of 15th Avenue and North High Street in the University District known as University Square. Campus Partners has selected the Developer to undertake the next phase of the University Square project, which will include a 141-key hotel, 5,500 square feet of commercial office/retail space (which may be incorporated into the hotel), 121 multi-family residential units and a 430 space structured parking garage (the “Project”). In support of the Project meeting City policy goals related to housing and public parking, the Department of Development will submit for City Council consideration, subsequent legislation to establish a 30-year, non-school Tax Increment Financing (TIF) area and a contribution in the amount of $5,000,000.00 to assist with the costs of financing the structured parking garage and any ancillary roadway improvements.
FISCAL IMPACTS
There is no fiscal impact for this legislation.
Title
To authorize the Director of the Department of Development to enter into an Economic Development Agreement with North Pearl Holdings, LLC and CH...
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