Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to enter into an Economic Development Agreement with Hamilton Crossing, LLC, Casto AP Residential, LLC, The New Albany Company, LLC, and Center State Enterprises, LLC (hereinafter collectively referred to as the “Development Team”), concerning the development of approximately 330 acres of real property located adjacent to the N. Hamilton Road and State Route 161 interchange (“Site”).
The development project has been undertaken in cooperation and partnership with the City of Columbus, to result in a mixed-use project on the Site that includes the construction of approximately 700,000 square feet of Class A office space, 1,000,000 square feet of retail space, 800 multi-family housing units and 125 senior housing units; the private investment in the project will exceed $250 million. Additionally, construction of approximately $25 million in public infrastructure improvements, including the construction of the Hamilton Road S-Curve that will connect existing portions of N. Hamilton Road between Preserve Boulevard and State Route 161, will occur in conjunction with the development of the project. The public roadway improvements will be completed in phases and will be funded using existing and future Northeast Pay As We Grow (PAWG) funds, TIF funds available through the Dublin Granville North, Dublin Granville South and Northeast Preserve TIFs, contributions from the Development Team and other sources of financing identified for the projects over time.
The Economic Development Agreement will outline the plans and certain commitments of both parties relating to the development.
Under the Economic Development Agreement, the Development Team will provide financing for the construction of approximately $10 million for public roadway improvements on the Site. These improvements will be constructed in a phased manner and a portion of these costs will be reimbursed through Nor...
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