Explanation
1. BACKGROUND
The purpose of this ordinance is to authorize the Director of the Department of Development to enter into a Contribution Agreement with Wood G.P., Ltd. and 711, LLC for a Neighborhood Structured Parking Incentive in the amount of $1,250,000.00 and to authorize the Director of Public Service to enter into a Construction Guaranteed Maximum Reimbursement Agreement (CGMRA) for reimbursement of utility relocation costs in the amount of up to $250,000.00.
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.
711, LLC is proposing to redevelop a City-owned surface parking lot at 711 North High Street (“City Property”) for a commercial office building and Wood G.P., Ltd. is proposing the redevelopment of a surface parking lot on the northeast corner of Lincoln and Pearl Streets (“Lincoln Property”) for a structured parking garage with approximately 245 parking spaces and a residential component.
This project is being undertaken as a Public-Private Partnership (3P) between the City, Wood G.P., Ltd., and 711, LLC as part of the Neighborhood Structured Parking Incentive Program. In support of this project, the City is committed to providing Wood G.P., Ltd. with a Neighborhood Structured Parking Incentive of $10,000.00 for each public space, in a total amount not-to-exceed $1,250,000.00. Wood G.P., Ltd. is committed to dedicating 125 spaces within the structured parking garage for public use through a recorded Declaration of Public Parking Garage Covenants for a period of 30 years. As owners of property directly benefitting from the public parking garage, both Wood G.P., Ltd. and 711, LLC will make annual revenue sharing payments...
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