Explanation
Background: The purpose of this ordinance is to give the Director of the Department of Development the authority to enter into an Economic Development Agreement and to give the Director of Finance and Management the authority to enter into a Real Estate Purchase Contract with BPI Associates, LLC and Ruscilli Construction Company, Inc. generally providing for the sale of the City’s interest in that portion of that real property, identified by survey and legal description as approved by the City, to be split from Franklin County Tax Parcel 010-008300.
The development project (the “Project"), a proposed $25 million investment, has been undertaken in cooperation/partnership with the City of Columbus as a signature project for the West Nationwide Boulevard Arena District Area. The Project will at a minimum retain eighty-eight (88) jobs within the City and bring seventy-seven (77) new, full-time, permanent jobs to the City at an annual combined payroll of approximately $11 million. The Project also will include residential apartments.
The Economic Development Agreement will outline the plans and certain commitments of the parties relating to the proposed mixed-use commercial and residential development on a portion of that City-owned property on the north side of West Nationwide Boulevard near its western terminus, commonly known as 640-650Nationwide Boulevard. The plans and proposals remain subject to authorization pursuant to the adoption of any further necessary legislation by Columbus City Council.
Under the Economic Development Agreement, the Department of Development will submit to City Council for consideration, all necessary legislation to provide a Community Reinvestment Area real property tax abatement of 100% for a term of fifteen (15) years for the Project to the Development Team for that portion of the property to be split from Franklin County Tax Parcel 010-008300. Also under the Economic Development Agreement, the Department of Development...
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