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 Connect Realty and Schiff Capital Group (“Development Team") and to give the Director of Finance and Management the authority to enter into a Real Estate Purchase Contract with Municipal Light Plant LLC generally providing for the sale of the City’s interest in that portion of that real property identified by survey and legal description, as approved by the City, to be split from Franklin County Tax Parcel 010-066777.
The development project (the “Project”), a proposed $7.5 million investment, has been undertaken in cooperation and partnership with the City of Columbus as a signature project for the West Nationwide Boulevard Arena District Area. The project will develop no fewer than 32,000 square feet of new office space, which could accommodate a projected 137 jobs.
The Development Team was selected through a public Request for Proposal (RFP) issued by the Department of Finance and Management on April 11, 2014 for redevelopment of the Project. The City received six responses by the May 15, 2014 submission deadline. The Proposal Evaluation Committee comprised of staff from the Departments of Public Utilities, Development, and Finance and Management recommended the Connect-Schiff Development Team for selection as the best proposal based on the qualifications and evaluation criteria listed in the Request for Proposal and interviews conducted with the four finalists.
The Economic Development Agreement will outline the plans and certain commitments of the parties relating to the proposed mixed-use Commercial Development at the old Municipal Light Plant building on a portion of that city-owned property commonly known as 555 West Nationwide Boulevard. The plans and proposals remain subject to authorization pursuant to the adoption of appropriate legislation by Columbus City Council.
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