Explanation
1. BACKGROUND
This ordinance declares City Council’s determination to proceed with acquiring, constructing, installing, equipping, or improving off-street parking facilities at the northeast corner of the intersection of Lincoln Street and Pearl Street in the Short North area of Columbus.
Pursuant to Ordinance No. 3040-2016, the City, Wood G.P., Ltd. and 711, LLC entered into a Contribution Agreement on January 12, 2017 (the “Agreement”), through which the City agreed to contribute $10,000 per parking space to Wood G.P., Ltd., in a total amount not-to-exceed $1,250,000, for costs associated with constructing 125 public parking spaces and both Wood G.P., Ltd. and 711, LLC agreed to make annual payments to the City through the form of a 30-Year special assessment totaling $1,650,000.00.
On November 20, 2017, Council approved Resolution No. 0279X-2017 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 in the Short North area of Columbus and levying a special assessment in order to fund a portion of the costs to construct a parking garage that will include 125 public parking spaces.
2. FISCAL IMPACT
No funding is required for this ordinance.
3. EMERGENCY DESIGNATION
Emergency legislation is requested in order to maintain the project schedule and meet community commitments.
Title
To determine to proceed with acquiring, constructing, installing, equipping, and improving off street parking facilities at the northeast corner of the intersection of Lincoln Street and Pearl Street in the Short North area of Columbus, and acquiring interests in the site thereof, together with all necessary and proper appurtenances, and determining that such action is necessary, and to declare an emergency.
Body
WHEREAS, this Council previously adopted Resolution 0282X-2017 (the "Resolution of Necessity") on November 20, 2...
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