Explanation
BACKGROUND: This ordinance authorizes the Director of the Department of Development to accept and execute a reimbursable grant agreement up to $1,000,000.00 from the State of Ohio, acting by and through the Ohio Facilities Construction Commission, and authorizes the appropriation of the grant for use by the Director of the Department of Development.
The grant funding, along with additional public and private funding, will be used to construct the North Market Grand Atrium adjacent to the current North Market building as part of the construction of the North Market Tower project. The Grant Atrium will host cultural events through the presentation of the visual, musical, and other arts.
In 2016, the City began a Request for Proposals (RFP) process for the surface parking lot adjacent to the existing North Market building with the goal of creating a sustainable, long-term financial structure to support the North Market. The evaluation committee selected a proposal by the Development Team which includes a twenty-six (26) story mixed-use development, including an expansion of the North Market, a grand atrium, an outdoor patio and entrance, additional retail, residential units, class A commercial office, hotel, and structured parking. To support these efforts, the Department of Development was invited to apply for $1,000,000.00 in grant assistance from the State of Ohio Facilities Construction Commission for the construction of the North Market grand atrium and was awarded said grant.
The grant requires at least a 50% match and the match will be provided by the North Market Development Authority. Under separate ordinance(s), the director of the Department of Development will request Council approval to enter into an agreement for the North Market Development Authority to provide the match and to enter into agreement to expend these funds. The city will become a ‘pass-through’ entity for this grant.
Emergency action is requested in order to maintain...
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