Explanation
BACKGROUND: The City owns or owned Franklin County Tax ID Parcel Nos. 010-054645 (the “NMDA Parcel”) and 010-307276 (the “Project Site”). North Market Development Authority, Inc. (“NMDA”) leases and operates a public market in a former warehouse (the “North Market”) on the NMDA Parcel. The City selected NM Developer LLC (the “Developer”) from a request for proposals to redevelop the Project Site with a 32-story mixed-use project. Pursuant to Ordinance No. 2135-2023 passed by City Council on July 24, 2023, the City entered into the First Amended and Restated Economic Development Agreement dated August 29, 2023 (the “Restated EDA”) with the NMDA and the Developer. Pursuant to the Restated EDA, the new development on the Project Site will include public parking spaces, an expansion of the North Market, a public atrium, patio, and plaza in support of the North Market, and other public improvements and site work described in the Restated EDA (collectively, the “Public Project”). Ordinance 2135-2023 also authorized the City to enter into the Cooperative Agreement dated August 29, 2023 with the Columbus-Franklin County Finance Authority to provide a portion of the financing for the Public Project (the “Public Improvements Grant”). This ordinance authorizes the City to amend the 2023 Capital Improvement Budget, to transfer funds between projects, and to authorize and remit the expenditure of the first five million dollars of the Public Improvements Grant to the Columbus-Franklin County Finance Authority. Additional legislation will be submitted to address the remaining balance of the Public Improvements Grant.
FISCAL IMPACT: Funding in the amount of $5,000,000.00 is available in the Development Taxable Bonds Fund (7739) within the Department of Development. An amendment to the 2023 Capital Improvement Budget and a transfer of funds are necessary to align funding for these Public Project expenditures. Funds are already appropriated.
Title
To amend the 20...
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