Explanation
Background: WESTBEND QOZB, LLC (the “Developer”), an affiliate of Thrive Companies LLC, and the City have entered into an Economic Development Agreement dated April 19, 2024, as amended by the First Amendment to Economic Development Agreement dated August 19, 2026, (together, the “EDA”) pursuant to Ordinance No. 1866-2023 passed by City Council on July 31, 2023 and Ordinance No. 1511-2026 passed by City Council on June 22, 2026. The Developer will develop, in multiple phases, the former Buckeye Auto Parts brownfield site consisting of approximately 50.28 acres of the real property bounded generally by McKinley Avenue and the New York Central Railroad to the south and west, the Scioto River to the east, and Lake Shore Drive to the north (“WestBend”). The City committed in the EDA to form a new community authority pursuant to R.C. Chapter 349 to support WestBend. On August 28, 2026, a Petition for the Organization of the WestBend Community Authority (the “Petition”) was submitted to the Clerk of City Council. City Council, by Resolution No. 0190X-2026, passed September 14, 2026, determined the sufficiency of the Petition, set a time and place for a public hearing on the Petition, which was held on September 29, 2026, and authorized notices thereof. This resolution approves the petition, establishes the WestBend Community Authority and its community development district, and certifies the public hearing was properly conducted.
Emergency Justification: Emergency action is requested to immediately establish the WestBend Community Authority as the Developer’s lender is requiring the Developer to close on the apartment financing before the end of the month but the lender will not close unless the City first establishes the WestBend Community Authority and without such financing the apartments may be delayed beyond the deadline in the EDA causing a loss of new housing units and construction jobs.
Fiscal Impact: No funding is required for this legislation.
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