Explanation
1. BACKGROUND
This legislation authorizes the Director of the Department of Development to enter into an Economic Development Agreement with Scioto Development Partners, LLC (hereinafter the “Development Team”).
The City of Columbus desires to redevelop the City-owned property on the Scioto Peninsula as part of a new development district, that will also be coordinated with the planning and development of property owned by Franklin County north of Broad Street. The City, in partnership with the Columbus Downtown Development Corporation, proposed to redevelop the land into a mixed-use development that is intended to include residential units, retail, hotel space, and commercial office space. 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 75,000 square feet of Class A commercial office space, 475 residential units with 20% designated as workforce housing, 25,000 square feet of retail, and a 140-room hotel in phase one. 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.
The City of Columbus will design, finance and construct all public roadways and utility infrastructure to support the project. The Department of Development will, through the City’s Housing Works program, support an application by the Development Team to other financing resources for the commitment to provide workforce housing. The Department of Development agrees to establish a new 30-year, 100% non-school tax increment financing (“TIF”) area to support improvements necessary to the project.
Emergency Justification:
This legislation is submitted as an emergency measure in order to enable the Director of the Department of Development to enter into an Economic Development Agreement with the Dev...
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