Explanation
BACKGROUND: The purpose of this ordinance is to give the Director of the Department of Development the authority to enter into the Columbus Coated Fabrics Economic Development Agreement (EDA) with Wagenbrenner Development, Inc. (Wagenbrenner Development) for the redevelopment of the former Columbus Coated Fabrics site at Grant and Fifth Avenues and nearby properties acquired by Wagenbrenner development. The EDA outlines various actions and associated agreements required for the completion of the Columbus Coated Fabrics redevelopment project. Execution of the EDA will be followed by subsequent legislation to authorize portions of the EDA to be implemented.
The former Columbus Coated Fabrics site is located in the Weinland Park Neighborhood of Columbus. Both the Columbus Department of Development and Campus Partners for Community and Urban Redevelopment (Campus Partners), along with its development partner: Wagenbrenner Development, have worked extensively with Weinland Park residents to ensure the proposed development complements the neighborhood and area plans to construct approximately 500 residential units with park space.
This ordinance also authorizes the assignment and assumption of agreements between the City and Campus Partners to Wagenbrenner Development that are necessary for the redevelopment and an amendment to the City's agreement to sell the Decorative Surfaces International, Inc. (former Columbus Coated Fabrics) site.
Under the EDA, subject to passage of future ordinances, the City commits to constructing street and utility improvements benefiting the area and the project in the amount of $12.85 million; transferring at no cost secondary streets and alleys within the project area; the creation of two or more Tax Increment Finance districts to provide funds to the project and to help finance the street improvements; and the creation of a New Community Development Authority.
In addition to authorizing the execution of the...
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