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File #: 3119-2018    Version: 1
Type: Ordinance Status: Passed
File created: 11/2/2018 In control: Economic Development & Small Business Committee
On agenda: 11/19/2018 Final action: 11/21/2018
Title: To authorize the Director of the Department of Development to enter into an Economic Development Agreement with Fortuity Holding, LLC and Fortuity Calling, LLC to facilitate the redevelopment of a vacant medical office facility adjacent to Mount Carmel West into a mixed-use commercial office space consisting of approximately 71,900 square feet +/- in West Franklinton, and to declare an emergency.
Explanation
BACKGROUND: The need exists to enter into an Economic Development Agreement with Fortuity Holding, LLC and Fortuity Calling, LLC (collectively, and hereinafter referred to as “Fortuity”) to facilitate the redevelopment of a vacant medical office facility adjacent to Mount Carmel West into a mixed-use commercial office space.

Headquartered in the City of Columbus, Fortuity Holding, LLC is a real estate holding company established in the fall of 2017. Fortuity Calling, LLC is a wholly owned subsidiary of Fortuity Holding, LLC, and will launch in mid-to-late 2018 as a full-service outsourced call center providing a range of customer support services to local and national companies including phone, chat, social media support, sms/text, email and mail/fax.

Fortuity is proposing to expand, renovate and redevelop a vacant medical office building adjacent to Mount Carmel West into a new Class A commercial office consisting of approximately 71,900 sq. ft. +/- at 750 Mount Carmel Mall, Columbus, Ohio 43222, parcel numbers 010-000814, 010-009985 and 010-051717 (the “PROJECT SITE”) in the Franklinton neighborhood. Fortuity is proposing to invest a total project cost of approximately $12.44 million, which includes $4.56 million in acquisition cost, $5.379 million in real property improvements, $2.0 million in working capital, $300,000 in equipment and $200,000 in furniture.

The proposed redevelopment is being undertaken as a Public-Private Partnership (3P) with the City that includes the rehabilitation of a structured parking garage of 300 +/- total spaces, of which 150 spaces will become public parking spaces.

Fortuity’s Project (the “PROJECT”) will contain approximately 45,000 square feet +/- of office space for Fortuity Calling, LLC’s corporate headquarters (HQ), and will make approximately 14,000 square feet +/- of space available at below-market rental rates to on-site nonprofit service providers initially including but not limited to a workforce dev...

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