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 northeast corner of the intersection of Lincoln Street and Pearl Street in the Short North area of Columbus. The special assessments will be collected over 30 years in an amount equaling $55,000 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 $1,650,000.00 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 northeast corner of the intersection of Lincoln Street and Pearl Street, and acquiring interests in the site thereof, together with all necessary and proper appurtenances, and declaring an emergency.
Body
WHEREAS, pursuant to Ordinance No. 1938-2016, the City, Wood G.P., Ltd. and 711, LLC (the “Development Team”) entered into an Economic Development Agreement on November 4, 2016, which outlined mutual commitments towards the redevelopment of a former City-owned surface parking lot located at 711 North High Street and identified as Franklin County Tax Parcel 010-031749 (the “711 Property”) and a surface parking lot owned by Wood G.P., Ltd. located at 55 West Lincoln Street and identified as Franklin County Tax Parcel 010-011525 (the “Lincoln Property”); and
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