Explanation
BACKGROUND: The purpose of this ordinance is to authorize the Director of the Department of Development to enter into a Contribution Agreement with WC Partners, LLC (“WC Partners”) for a Neighborhood Structured Parking Incentive in the amount of $1,000,000.00.
In 2015, the City completed the Columbus Short North Parking Study which developed a comprehensive list of recommendations for managing parking supply and demand in the Short North. One such recommendation was to look for opportunities to partner with developers to create an oversupply of parking in new developments to contribute to the greater supply of public parking.
WC Partners is proposing to redevelop a surface parking lot at 987 North High Street and an adjacent White Castle Restaurant property at 965 North High Street in the Short North Area of Columbus into a mixed-use development that will include a structured parking garage with approximately 206 parking spaces.
This project is being undertaken as a Public-Private Partnership (P3) between the City and WC Partners as part of the Neighborhood Structured Parking Incentive Program. In support of this project, the City is committed to providing WC Partners with a Neighborhood Structured Parking Incentive of $10,000.00 for each public space, in a total amount not-to-exceed $1,000,000.00. WC Partners is committed to dedicating 104 spaces within the structured parking garage for public use through a recorded Declaration of Public Parking Garage Covenants for a period of 30 years and will make annual payments to the City through a special assessment on its property for a period of 30 years.
FISCAL IMPACT: Funds in the amount of $1,000,000.00 are available for this project in the Development Taxable Bonds Fund within the Department of Development.
EMERGENCY DESIGNATION: Emergency action is requested in order to be able to close the transaction to allow the Developer to start construction on the Project.
Title
To authorize the Direc...
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