Explanation
The street improvements contemplated by the City's Riversouth, Phase 1, plans need to be coordinated with the future residential development proposed by Lifestyle Real Estate Holdings, Ltd., an Ohio limited liability company ("Lifestyle"), on the east and west sides of Front Street south of Town Street. Pursuant to Ordinance No. 0665-2008, City Council authorized the release of $5,010,609.00 from the Riversouth Area Redevelopment Bonds, 2004 Series A, issued by the Riversouth Authority, for use in paying for the construction of neighborhood amenities as a part of the City's Riversouth, Phase 1, construction plans and for site preparation for the Lifestyle's residential development.
It is necessary to authorize the Director of Public Service to enter into a Memorandum of Understanding (MOU) by and among the City of Columbus and Riversouth Holdings LLC, an Ohio limited liability company ("Riversouth"), Columbus Downtown Development Corporation, an Ohio non-profit corporation ("CDDC") and Lifestyle Real Estate Holdings, Ltd., an Ohio limited liability company ("Lifestyle") which shall: 1) coordinate and set forth the construction activity responsibilities of the City and Lifestyle for the improvements in the Riversouth area; 2) authorize the City's conveyance of that portion of Ludlow Street needed for the construction of the residential development to Lifestyle; and 3) accept from Riversouth $2,835,609.00 to pay for the neighborhood amenities set fourth on the Riversouth, Phase 1, plans.
Emergency Justification: Emergency action is requested to allow execution of the MOU and any ancillary documents to proceed immediately thereby preserving the existing schedule for completion of the improvements contemplated in the Riversouth, Phase 1, plans.
Title
To authorize the Director of Public Service to enter into a Memorandum of Understanding by and among the City of Columbus and Riversouth Holdings LLC, an Ohio limited liability company, Colu...
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