Explanation
BACKGROUND
This legislation authorizes the Director of the Department of Development to enter into an Economic Development Agreement “(EDA”) with NWD Investments, LLC (“Developer”), concerning the continuing redevelopment of additional sites (“Sites”) in the Arena District.
The Developer’s efforts will be undertaken in cooperation and partnership with the City, to result in mixed-use developments that will include commercial office (“Development Projects”) with associated public improvements and amenities.
The EDA will outline the plans and certain commitments of both parties relating to the new investments and the continued revitalization of the Arena District. Per the EDA, the Developer commits to construct a commercial office building on one of the Sites including approximately 130,000 square feet of space located at the northeast corner of Vine and Neil, projected to be completed by December 2021. In addition, the Developer estimates the Development Projects at full-build-out would create as much as 500,000 square feet of new commercial office space. The City estimates that level of investment could result in more than 2,200 new jobs that could generate up to $5 million in annual City income tax revenue. The City agrees to invest $20 million toward the cost of the public improvements necessary to improve, expand and renovate existing public infrastructure (including, among other things, streets and utilities) to support the development of the Sites, subject to City Council authorization and the subsequent appropriation of annual requests of $5 million in the City’s capital improvement budget (C.I.B.) over a period of four (4) consecutive years, beginning in calendar year 2020. The City agrees to make all reasonable efforts to cooperate with the Developer and the Franklin County Convention Facilities Authority (“CFA”) in their efforts toward extending the City’s lease term with the CFA for the Hyatt Regency property to a term that accommodat...
Click here for full text