Explanation
This resolution declares the necessity of levying special assessments on the Special Benefit District described in the Petition in order to partially fund the construction of a parking garage at The Gravity Project located at the terminus of North May Avenue in the East Franklinton neighborhood of Columbus, Ohio. The special assessments will be collected over 30 years in an amount equaling $80,357.09 annually. The City is contributing funding to pay for a portion of the construction of the parking garage, and the construction of the parking garage is set to begin in Fall 2017.
The owners of properties comprising 100% of the parcels directly benefitting from the parking spaces to be provided by the project have submitted a petition agreeing to assess themselves to pay for a portion of the costs of the project. The total special assessment for the project will be $2,410,712.70 and will be collected over 30 years in 60 consecutive semi-annual installments.
Emergency action is requested in order to maintain the Project schedule and meet community commitments.
Title
A resolution declaring the necessity of acquiring, constructing, installing, equipping, or improving off-street parking facilities at the Gravity project in East Franklinton, and acquiring interests in the site thereof, together with all necessary and proper appurtenances, and declaring an emergency.
Body
WHEREAS, pursuant to Ordinance No. 0140-2017, the City and The Gravity Project, LLC (the “Development Team”) entered into an Economic Development Agreement on February 2, 2017, which outlined mutual commitments towards the redevelopment of a former Wasserstrom National Office Warehouse and Phillip’s Original Coney Island on the real property located at 450 West Broad Street and identified as Franklin County Tax Parcel 010-057537, and 462-500 West Broad Street and identified as Franklin County Tax Parcel 010-002012 containing approximately 4.42 acres (the “Property”); and
WHEREAS, th...
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