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 Wood Operating Company and Schiff Capital Group (hereinafter the “Development Team”), 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 711 North High Street in the Short North Area of Columbus.
The Development Team is proposing a two-phased project that will redevelop two surface parking lots in the Short North. Phase 1 will redevelop the City-owned lot at 711 North High Street into a $39 million commercial office building and Phase 2 will redevelop a lot owned by an affiliate of Wood Operating Company located on the northeast corner of Lincoln and Pearl Streets into a structured parking garage with a residential component (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, which is encumbered by a 25 foot easement held by the owner of adjoining property, which is an affiliate of Wood Operating Company, by transferring ownership to the Development Team in exchange for certain development commitments.
The Economic Development Agreement (the “EDA”) will outline the plans and certain commitments of the Development Team 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 Development Team will construct a minimum of 75,000 square feet of Class A commercial office space and a 250-space structured parking garage with a minimum of 125 parking spaces open and dedicated to the public for a period of 32 years and will make annual revenue sharing payments to the City for a period of 30 years. In addition, the Development Team agrees to ...
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