Explanation
BACKGROUND
This Resolution of Necessity declares the necessity of levying special assessments on the Special Benefit District described in the Petition in order to partially fund the costs of construction of a parking garage near the southeast corner of the intersection of West Rich Street and McDowell Street in the East Franklinton area of Columbus, Ohio. The special assessments will be collected over 30 years in an amount equaling $87,700.00 annually. The City is contributing funding to pay for a portion of the construction of the parking garage, and the construction of the parking garage was completed in January 2018.
The owners of properties comprising 100% of the parcels directly benefiting from the parking spaces provided by the project have submitted a petition agreeing to assess themselves to pay for a portion of the costs of the project. The total special assessment for the project will be $2,631,000.00 and will be collected over 30 years in 60 consecutive semi-annual installments of $43,850.00 each.
Emergency action is requested in order to meet community commitments.
Title
A resolution declaring the necessity of acquiring, constructing, installing, equipping, or improving off-street parking facilities near the southeast corner of the intersection of West Rich Street and McDowell Street, and acquiring interests in the site thereof, together with all necessary and proper appurtenances, and declaring an emergency.
Body
WHEREAS, pursuant to Ordinance No. 0843-2017, the City entered into an Amended and Restated Economic Development Agreement with CWKSS Franklinton Developer, LLC (the “Original Developer”), and two entities formed by the Original Developer and the Columbus Metropolitan Housing Authority, Riverside Sunshine, LLC and EF Garage, LLC (collectively, the “Developer”) on July 10, 2017, which outlined mutual commitments and obligations for the redevelopment of the site of the former Riverside Bradley public housing developm...
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