Explanation
Background:
On May 21, 2018, Council approved a resolution of necessity with respect to levying special assessments on the property located at 800 N. High Street, as described in the Petition, in order to fund the construction of a parking garage at the at the southeast corner of the intersection of High Street and Hubbard Avenue in the Short North area of Columbus. This is an ordinance determining to proceed with the special assessments. The special assessments will be collected over 23 years in an amount equaling the debt service and administrative expenses relating to bonds to be issued by the Columbus-Franklin County Finance Authority and the Toledo-Lucas County Port Authority. The City is not contributing any funding to pay for the construction of the parking garage, and the construction of the parking garage is set to begin in summer 2018.
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 is estimated to be $8,000,000, plus any interest and other costs, fees, and expenses associated with the assessment and financing for the project, and will be collected over 23 years in 46 consecutive semi-annual installments.
An ordinance determining to proceed with acquiring, constructing, installing, equipping, or improving in the city certain off street parking facilities at the southeast corner of the intersection of High Street and Hubbard Avenue, and acquiring interests in the site thereof, together with all necessary and proper appurtenances.
Fiscal Impact:
No City funding is required for the financing of the project.
Title
To determine to proceed with acquiring, constructing, installing, equipping, or improving in the city certain off street parking facilities at the southeast corner of the intersection of High Street...
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