Explanation
1. BACKGROUND
This legislation authorizes the Director of the Department of Development to enter into a Neighborhood Structured Parking Incentive Contribution Agreement with EF Garage, LLC (the “Developer”). The parking garage will serve a multi-use development, River and Rich project, located on the site of the former Riverside-Bradley public housing development located at 230 West Rich Street and identified as Franklin County Tax Parcel 010-297330-00 (the “Property”). 230 residential units will be constructed, 50 units as workforce housing and 74 units as affordable. Also included in this development will be 28,000 square feet of ground floor commercial space.
The Developer shall construct a 292 space structured parking garage as part of the River and Rich project and shall include a minimum of two hundred (200) public parking spaces as part of its construction of the garage. The City shall contribute ten thousand dollars ($10,000.00) for each public parking space in an amount not-to-exceed a total contribution of two million dollars ($2,000,000.00) to the Developer for the costs associated with the construction of the public parking spaces.
Emergency action is requested in order to maintain the project schedule and meet community commitments.
2. CONTRACT COMPLIANCE INFORMATION
EF Garage, LLC will become contract compliant before entering into the Neighborhood Structured Parking Incentive Contribution Agreement.
3. FISCAL IMPACTS
Funds in the amount of $2,000,000.00 are available for this project in the Development Taxable Bonds Fund 7739 within the Department of Development.
Title
To amend the 2017 Capital Improvement Budget; to authorize the City Auditor to transfer cash and appropriation between projects within the Development Taxable Bonds Fund; to authorize the Director of the Department of Development to enter into a Neighborhood Structured Parking Incentive Contribution Agreement with EF Garage, LLC; to authorize the expenditure of...
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