Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to enter into an Economic Development Agreement and a Real Estate Purchase Contract with WC Partners, LLC (hereinafter the “Developer”), and to the extent applicable, to waive the requirements of Columbus City Code, Section 328.01 (Land Review Commission) concerning the sale of a City-owned surface parking lot located at 987 North High Street in the Short North Area of Columbus.
The Developer is proposing to redevelop the City-owned surface parking lot and the adjacent White Castle Restaurant property located at 965 North High Street for a $34 million mixed-use project that will include residential, retail, commercial office and a structured parking garage (the “Project”).
The Project is being undertaken in cooperation and partnership with the City of Columbus to maximize the redevelopment potential of the City-owned surface parking lot by transferring ownership to the Developer in exchange for certain development commitments.
The Economic Development Agreement (the “EDA”) will outline the plans and certain commitments of the Developer and the City as it relates to the Project. As a material inducement to the City’s agreement to sell the City-owned surface parking lot, the Developer will construct an approximately 206-space structured parking garage with a minimum of 104 parking spaces open and dedicated to the public for a period of 30 years and will make annual revenue sharing payments to the City for a period of 30 years. In addition, the Developer will contribute $10,000.00 to the Central Ohio Transit Authority (COTA) in support of the CBUS. The Department of Development will submit for City Council consideration all necessary legislation to authorize a Contribution Agreement for the public parking commitment of $10,000.00 per space not-to-exceed $1 million.
FISCAL IMPACT: There is no fiscal impact for this legislation.
Title
To authorize the Director...
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