Explanation
Background: This legislation authorizes the Director of the Department of Development to enter into an Economic Development Agreement with White Castle Management Co. and WC Goodale LLC (hereinafter collectively referred to as the “Development Team”), concerning the redevelopment of approximately 15 acres of real property located at 555 W. Goodale Street (“Site”).
The development project has been undertaken in cooperation and partnership with the City of Columbus, to result in a mixed-use project on the Site that includes the construction of approximately 150,000 square feet of Class A office space, which will include the White Castle corporate headquarters, and 300 multi-family housing units; the private investment in the project will exceed $65 million. Additionally, construction of approximately $2 million in public improvements, including the construction of a new public roadway to access the Site and improvements along W. Goodale Street will occur in conjunction with the development of the project. The public improvements will be completed in coordination with the private redevelopment; Development will submit future legislation authorizing reimbursement for the costs of the public improvements.
The Economic Development Agreement will outline the plans and certain commitments of both parties relating to the development.
Fiscal Impact: There is no fiscal impact for this legislation.
Emergency Justification: This legislation is submitted as an emergency measure in order to enable the Director of the Department of Development to enter into an Economic Development Agreement with the Development Team to allow appropriate time for the Development Team to close real estate transactions before the end of July, 2017, and to coincide with the timing of the design and construction of both public and private improvements occurring on the Site.
Title
To authorize the Director of the Department of Development to enter into an Economic Development Agreeme...
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