Explanation
Background: The purpose of this ordinance is to give the Director of the Department of Development the authority to enter into an Economic Development Agreement with Pizzuti Short North LLC. The Economic Development Agreement will outline the plans and certain commitments of the parties relating to the proposed mixed use Commercial Development that encompasses both sides of a two block area of N. High Street in the Short North area of Downtown Columbus. The plans and proposals remain subject to authorization pursuant to the adoption of appropriate legislation by Columbus City Council.
The Pizzuti Project, a proposed $59 million investment, has been undertaken in cooperation/partnership with the City of Columbus as signature projects for both the Italian Village Commission Area and Victorian Village Commission Area. The project will include a $33 million, boutique hotel with approximately 135 rooms; a $12 million, approximately 60,000 square foot class A office building; a $12 million parking structure that will accommodate approximately 313 cars; and the $2 million renovation of the former United Commercial Travelers Headquarters to house the Pizzuti Collection Gallery.
Under the Economic Development Agreement, the Development Department will, for purposes of development of the Parking Garage, submit for City Council consideration all necessary legislation to enter into a TIF Reimbursement Agreement with Pizzuti. Additionally, the Department of Development will submit for City Council consideration all necessary legislation to provide an Enterprise Zone Real Property tax abatement of 75% for a term of ten (10) years for the office building to be located at 621-629 N. High Street, identified by parcel number 010-002258 to Pizzuti.
The Department agrees to submit an ordinance for Council consideration authorizing the Director to enter into a real estate purchase agreement with Pizzuti to transfer fee title by quit claim deed the real property, s...
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