Explanation
BACKGROUND: The purpose of this legislation is to authorize the Director of the Department of Development to enter into an amended Economic Development Agreement and give the Director of Finance and Management the authority to enter into a Real Estate Purchase Contract with Arena West Partners LLC. The City entered into an Economic Development Agreement with BPI Associates, LLC and Ruscilli Construction Company, Inc. pursuant to ordinance 2791-2014. As part of the amended agreement, Ruscilli Construction Company, Inc. has partnered with Carey Realty Partners and will be doing business as Arena West Partners LLC. BPI Associates, LLC will no longer be a party to the amended Economic Development Agreement.
The development project, a proposed $25 million investment, has been undertaken in cooperation/partnership with the City of Columbus as a signature project for the West Nationwide Boulevard Arena District Area. The amended Economic Development Agreement will outline the plans and certain commitments of the parties relating to the proposed mixed-use commercial and residential development on a portion of that City-owned property on the north side of West Nationwide Boulevard near its terminus, commonly known as 640-650 Nationwide Boulevard.
The Real Estate Purchase Contract for the sale will transfer fee title to Arena West Partners LLC by quit claim deed to the real property, situated at 640-650 West Nationwide Boulevard to be split from Franklin County Tax Parcel 010-008300, at a purchase price of $1,089,000 per acre as established by the appraisal prepared for the City by Nash-Wilson Associates, Inc., dated April 19, 2012. The amended Economic Development Agreement and Real Estate Purchase Contract shall contain terms as agreed upon by the City and Arena West Partners LLC as approved by the City Attorney.
FISCAL IMPACT: No funding is required for this legislation. Any proceeds from the sale of the property shall be deposited in the General Permane...
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