City of Columbus - File #: 1330-2013

• File #: 1330-2013
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 5/23/2013
• In control: Finance Committee
• On agenda: 6/3/2013
• Final action: 6/5/2013
• Title: To authorize the Director of Finance to enter into a sale contract providing for the conveyance of the City’s interest in that real property known as 618 N. High Street, Columbus, Ohio, Franklin County Tax Parcel ID 010-003663 to Pizzuti Short North Hotel LLC, to execute a quit claim deed conveying such property and associated easements, and to enter into and execute other documents pertinent to such conveyance, and, to the extent applicable, to waive the competitive bidding and Land Review Commission requirements of the Columbus City Codes (1959) Revised, and to declare an emergency.

Date	Ver.	Action By	Action	Result
6/5/2013	1	CITY CLERK	Attest
6/4/2013	1	MAYOR	Signed
6/3/2013	1	COUNCIL PRESIDENT	Signed
6/3/2013	1	Columbus City Council	Approved	Pass

Explanation

Background: Columbus City Council passed Ordinance 0587-2012 on March 19, 2012 giving the Director of Development the authority to enter into an Economic Development Agreement with Pizzuti Short North LLC (“Developer”). The Economic Development Agreement outlines the plans and certain commitments of the parties relating to a 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 “Pizzuti Project”).

The Pizzuti Project represents a proposed $59 million investment and has been undertaken in cooperation/partnership with the City of Columbus as signature project for both the Italian Village Commission and Victorian Village Commission Areas. The project will include construction of a $33 million boutique hotel with approximately 135 rooms; a $12 million, Class A office building containing approximately 60,000 square feet; a $12 million parking structure that will accommodate approximately 313 parking spaces; and the $2 million renovation of the former United Commercial Travelers Headquarters to house the Pizzuti Collection Gallery.

Per the terms of the Economic Development Agreement, the Department of Development submitted and City Council approved Ordinance 1905-2012 authorizing the City to enter into a TIF Reimbursement Agreement with the Developer for the construction of a parking garage containing a minimum of 313 parking spaces of which not less than 250 parking spaces will be available for public use. Additionally, the Department of Development submitted and City Council approved Ordinance 1883-2012 authorizing the Development Director to enter into 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.

The following legislation authorizes the Director of Finance to enter into a real estate sales contract with Pizzuti Short North Hotel LLC, to execut...