Explanation
BACKGROUND: This legislation authorizes the Director of Development to enter into an Economic Development Agreement (EDA) with 85 North High Street, LLC for the 85-111 North High Street redevelopment in downtown Columbus.
The development project is being undertaken in cooperation and partnership with the City of Columbus, to result in a $35 million mixed-use development that includes the construction of approximately 176 residential units; 25,000 square feet of ground floor retail space; and a 392 space structured parking garage (the “Project”). Additionally, the design and construction of streetscape improvements on High Street, Long Street, Gay Street and Wall Street will occur in conjunction with the development of the Project.
The Economic Development Agreement will outline the plans and certain commitments of both parties relating to the Project.
Under the Economic Development Agreement, the Developer agrees to dedicate 75 parking spaces in the structured parking garage to public use for a period of 25 years via a Declaration of Public Parking Covenants and to begin construction above the second floor of the 111 North High Street building within two years of the City’s transfer of the Elm Street right-of-way. The Developer will design streetscape improvements in association with the Project. The Department of Development agrees to submit legislation to City Council authorizing the Director of the Department of Public Service to take all necessary actions required to transfer ownership of a portion of the Elm Street right-of-way to the Developer in recognition of the Developer’s public parking commitments in the Economic Development Agreement and to also submit future legislation to City Council to authorize a $750,000 contribution toward the construction of the streetscape improvements.
FISCAL IMPACT: There is no fiscal impact for this legislation.
EMERGENCY DESIGNATION: This legislation is submitted as an emergency measure in order to enab...
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