Explanation
Background: The City purchased the former Northland Mall property in 2003 and began working with Columbus Urban Growth Corporation ("CUGC") to redevelop the property. In February 2004, as part of that redevelopment by CUGC, the City sold approximately 10 acres of the former Lazarus property to Retail Ventures, Inc. for its new corporate headquarters. Contemporaneously with that sale, the City and CUGC entered into a formal lease agreement for the remaining 75 acres. The lease permitted CUGC to sublease portions of Northland property for redevelopment or to exercise options to take title of portions where CUGC was able to find buyers.
In January, 2008, CUGC entered into a development agreement with Northland Village Developers, LLC to facilitate the redevelopment of the project site. The City conveyed certain pieces of real property to CUGC that were subsequently sold to Northland Village Developers, LLC. Construction is currently underway on a Menard's Home Improvement store, Franklin County Animal Shelter, and redevelopment of the former JC Penney Department Store.
In 2010 CUGC closed down their operations and dissolved the corporation. Before its dissolution CUGC had under the option provisions of the lease sold all but approximately 19.8 acres. The Department of Development has been engaged in discussions with Northland Village Developers, LLC regarding the future development of the 19.8 acres in the absence of CUGC. The Department of Development recommends selling the site to Northland Village Developers, LLC under similar terms agreed to between CUGC and Northland Village Developers, LLC. The remaining approximate 19.8 acres will be sold for a purchase price of $2,853,000 less credits for infrastructure improvements, utility relocations, survey costs and a prior real property tax adjustment. As part of the contract the sale will close by year end 2010.
This ordinance authorizes the Director of Development to enter into the purcha...
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