Explanation
BACKGROUND: The purpose of this ordinance is to give the Director of the Department of Development the authority to enter into a Memorandum of Understanding (MOU) with NWD INVESTMENTS, LLC ("NWD"). The MOU will outline the plans and certain commitments of the parties relating to the redevelopment and revitalization of the Pen West area and the shoreline along the Olentangy River. The plans and proposals remain subject to authorization pursuant to the adoption of appropriate legislation by Columbus City Council.
As part of its commitment to the City, NWD will follow through on its intention to acquire the former Jaeger Commercial Park site, located at 560 West Nationwide Boulevard (the "Jaeger Property"). Subject to the adoption of future ordinances, the City will sell to approximately 4.5+ acres of City owned land (the "City Property"), at a purchase price equal to fair market value (to be determined by an appraisal process acceptable to both Parties). The City Property is generally described as north of Nationwide Boulevard and approximately 100 feet east of the AEP transmission line. NWD shall pay for a survey to determine the exact location of the AEP transmission line and reserve area necessary per AEP requirements along with the legal descriptions and exhibits necessary to file new parcel descriptions or splits with the Franklin County Engineer's Office. City utility easements will also be identified, surveyed, and reserved. NWD will be responsible for demolition of the buildings located on the City Property. NWD intends to redevelop the Jaeger Property and the adjacent City Property as a residential use but reserves the right to convert all or a portion of the Property to a commercial use.
NWD will be responsible for performing a Phase I and, if necessary, a Phase II of the City Property. The City and NWD recognize that the City property may need environmental remediation, the extent of which will be unknown until the Phase II is compl...
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