Explanation
1. BACKGROUND
This legislation amends Ordinance 3114-2016 which authorizes the Director of the Department of Development to enter into an Economic Development Agreement with Kaufman Development (the “Original Entity”) to instead authorize the Director of the Department of Development to enter into an Economic Development Agreement with The Gravity Project, LLC, an Ohio limited liability company, (hereinafter the “Development Team”). The Gravity Project, LLC, is an affiliate of Kaufman Development.
The Development Team is proposing to redevelop the sites of the former Wasserstrom National Office Warehouse and Phillip’s Original Coney Island into a mixed-use development that will include retail, residential units, class A commercial office, and a structured parking garage with a mix of public and private parking spaces. Additionally, the design and construction of streetscape improvements on West Broad Street and May Avenue will occur in conjunction with the development of the Project. The Economic Development Agreement (the “EDA”) will outline the plans and certain commitments of the Development Team and the City as it relates to the Project.
The Development Team will construct a minimum of 50,000 square feet of Class A commercial office space and a 564-space structured parking garage with a minimum of 200 parking spaces open and dedicated to the public for a period of 32 years and will make annual revenue sharing payments to the City for a period of 30 years. The Development Team will design streetscape improvements for Broad Street and May Avenue from Broad Street to Gay Street that meet the City’s General Design Requirements as determined by the Department of Public Service. In addition, the Development Team agrees to enter into an agreement with the Division of Power to be the primary provider of power services to the Project for a minimum of 10 years and to cooperate should the City identify the need for a Co-Go Bike Station on the Site and th...
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