Explanation
1. BACKGROUND
This legislation authorizes the Director of the Department of Development on behalf of the City of Columbus, Ohio (the “City”) to enter into a Neighborhood Structured Parking Incentive Contribution Agreement with The Gravity Project, LLC, an Ohio limited liability company, (hereinafter the “Development Team”). The Gravity Project, LLC, is an affiliate of Kaufman Development.
The Development Team shall construct a five hundred sixty-four (564) space structured parking garage as part of The Gravity Project development at 500 West Broad Street. The Development Team shall include a minimum of two hundred (200) public parking spaces as part of its construction of the garage. The City shall contribute ten thousand dollars ($10,000.00) for each public parking space in an amount not-to-exceed a total contribution of two million dollars ($2,000,000.00) to the Development Team for the costs associated with the construction of the public parking spaces
2. CONTRACT COMPLIANCE INFORMATION
The contract compliance number for The Gravity Project, LLC is 021278 with no expiration date.
3. FISCAL IMPACTS
The City shall contribute two million dollars ($2,000,000) of 7739 Development Taxable Bond Funds to The Gravity Project, LLC.
4. EMERGENCY JUSTIFICATION: Emergency action is requested so that the project can continue without delay.
Title
To amend the 2016 Capital Improvement Budget; to authorize the City Auditor to transfer cash and appropriation between projects within the Development Taxable Bonds Fund; to authorize the Director of the Department of Development to enter into a Neighborhood Structured Parking Incentive Contribution Agreement with the Gravity Project, LLC; to authorize the expenditure of two million dollars ($2,000,000.00) within the Development Taxable Bonds Fund; and to declare an emergency.
Body
WHEREAS, The Gravity Project, LLC, aka, the Development Team, shall construct a five hundred sixty-four space structured parki...
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