Explanation
Background: This legislation authorizes the Director of the Department of Development to enter into an Economic Development Agreement with Perry Street, LLC (hereinafter referred to as the “Developer”), concerning the redevelopment of approximately 21 acres of real property currently owned by Battelle Memorial Institute. The site is located primarily at the southwest corner of W. Fifth Avenue and Perry Street (the “Site”).
The project is expected to include 311 multi-family rental residential units, 200 senior living units, 32 single-family townhomes, 42 single-family residential homes, a 128 room hotel, up to 46,500 square feet of retail/restaurant space, a +/- 350-space structured parking garage, and public park and open space amenities (the “Project”).
The Economic Development Agreement will outline the plans and certain commitments of both parties relating to the development.
Fiscal Impact: There is no fiscal impact for this legislation.
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 Developer to allow appropriate time for the Developer to close real estate transactions, and to coincide with the timing of the design and construction of both public and private improvements occurring on the Site.
Title
To authorize the Director of the Department of Development to enter into an Economic Development Agreement with Perry Street, LLC, concerning the redevelopment of 21 acres of real property located primarily at the southwest corner of W. Fifth Avenue and Perry Street, and to declare an emergency.
Body
WHEREAS, Perry Street, LLC (the “Developer”) desires to redevelop approximately 21 acres of real property currently owned by Battelle Memorial Institute and located primarily at the southwest corner of W. Fifth Avenue and Perry Street, as well as additional parcels located along W. Fifth Avenue...
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