Explanation
BACKGROUND: The purpose of the ordinance is to give the Director of the Columbus Department of Development the authority to enter into a partnership agreement with TG707, Inc. to apply for a $5 million Ohio Job Ready Sites (JRS) Program grant to benefit the redevelopment of the former Techneglas site.
The Ohio JRS Program was developed as a result of the $2 billion public works and economic development bond package approved by Ohio voters on November 8, 2005. It allows for grant applications of up to $5 million per project for large impact projects leading to designation as an Ohio Certified Site; guaranteeing minimum standards for new business investment projects. Grant funds can be used for, but are not limited to, infrastructure improvements, building demolition and construction, and brownfield remediation.
The former Techneglas site at 707 Jenkins Avenue, served as one of Columbus' major manufacturing employers for over 60 years until closing its doors in August 2004. With over 1 million square feet of industrial and office space, the 48-acre southside site remained mostly vacant since closing its doors.
Local developer Marvin Katz has recently teamed with local businessman Don Garlikov and Greystone & Co., Inc. of New York to form a partnership; TG707, Inc., to renovate and transform the site into a mixed use complex of commercial office, retail and light industrial space with an employment potential of over 1,500 jobs. There are currently 40 jobs at several small businesses on-site with current negotiations to attract a call center to employ over 500.
If the grant application is successful, the funds will be used for various demo work, building conversion, new construction and upgrades. A Clean Ohio Fund Grant Application for $3 million for environmental site clean up is currently in progress with a decision anticipated in August 2007.
The partnership agreement of understanding sets forth the essential roles of both the developer and...
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