Explanation
Background: This ordinance authorizes and directs the Director of the Department of Development to authorize the assignment and assumption of developer responsibilities under a Clean Ohio Revitalization Fund (CORF) agreement, authorized under Columbus City Council Ordinance 0918-10, approved June 28, 2010, for the residential development project at the former Kimball-Midwest site on 580-582 West Goodale Blvd.
Ordinance 0918-10 authorized the Director to enter into an agreement with Wagenbrenner Development, Inc. to apply an awarded $3 million CORF grant to environmentally remediate the site and invest approximately $9 million to construct 90-120 market rate apartment units. The agreement allowed for an assignment and assumption option if and when Wagenbrenner determined it wanted to sell the property.
Wagenbrenner recently completed environmental remediation at the former Kimball-Midwest site and the property is now ready for vertical construction. Wagenbrenner however wishes to exercise its option to sell the property to another Columbus area developer, Kaufman LLC, and has requested the Director of Development to authorize the assignment and assumption of responsibilities to develop the site.
Kaufman wishes to invest approximately $20 million to construct a five story mid-rise apartment complex with 175 units and a parking garage. The project is approved, permitted and can be complete by the fall/winter of 2013, if the requested assignment and assumption is approved by Columbus City Council.
This ordinance is submitted as an emergency to effect assignment and assumption by Wagenbrenner to Kaufman as soon as possible so that construction may commence.
Fiscal Impact: There are no costs to the City of Columbus under this ordinance.
Title
To authorize and direct the Director of the Department of Development to authorize the assignment and assumption of developer responsibilities authorized under Columbus City Council Ordinance No. 091...
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