Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to enter into an Economic Development Agreement with CWKSS Franklinton Developer, LLC (hereinafter the “Development Team”), concerning the redevelopment of the former Riverside Bradley public housing development located at 230 West Rich Street in East Franklinton (the “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 124 residential units; up to 20,000 square feet of ground floor commercial space and/or live/work units; and up to a 250 space structured parking garage (the “Project”). The private investment in the Project will be approximately $20 million. Additionally, the design and construction of public infrastructure improvements that will extend Lucas Street from south of Rich Street and Cherry Street from east of McDowell Street will occur in conjunction with the development of the Project.
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 commit a minimum of 50 residential units to workforce housing for individuals and families earning 80%-120% of the Area Median Income (AMI) and the remaining units will be affordable at 120% of the AMI. In addition, the Development Team will commit approximately 125 public parking spaces in the structured parking garage for a period of 25 years and will make annual revenue sharing payments to the City during that same period for the public parking spaces. The Development Team will provide the upfront financing for the design of the public infrastructure improvements and will be reimbursed by the City contingent upon City Council authorization of a design guaranteed maximum reimbursement agreement and provide the City with any ...
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