Explanation
BACKGROUND: This legislation amends Ordinance 1231-2016 that 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, LLC (the “Original Entities”) to instead authorize the Director of the Department of Development to enter into an Economic Development Agreement and Real Estate Purchase Contract with Wood G.P., Ltd., an Ohio limited partnership and 711, LLC, an Ohio limited liability company, collectively, the “Development Team”. Wood G.P., Ltd. is an affiliate of Wood Operating Company and 711, LLC is an affiliate of both Wood Operating Company and Schiff Capital Group, LLC.
The Original Entities will use the affiliated entities that make up the Development Team to implement the two-phased project contemplated in Ordinance 1231-2016. 711, LLC will undertake Phase 1 of the project which will redevelop the City-owned lot at 711 North High Street into a $39 million commercial office building. Wood G.P., Ltd. will undertake Phase 2 of the project which will redevelop a lot that it owns located on the northeast corner of Lincoln and Pearl Streets into a structured parking garage with a residential component (the “Project”).
FISCAL IMPACT: There is no fiscal impact for this legislation.
Title
To amend Ordinance 1231-2016 to authorize the Director of the Department of Development to enter into an Economic Development Agreement with Wood G.P., Ltd. and 711, LLC and a Real Estate Purchase Contract with Wood G.P., Ltd. and 711, LLC; and to declare an emergency.
Body
WHEREAS, Ordinance 1231-2016, passed by City Council on May 23, 2016, authorized the Director of Development to enter into an Economic Development Agreement and a Real Estate Purchase Contract with Wood Operating Company and Schiff Capital Group, LLC (the “Original Entities”); and
WHEREAS, this ordinance amends Ordinance 1231-2016 to authorize the Dir...
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