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File #: 3140-2018    Version: 1
Type: Ordinance Status: Passed
File created: 11/6/2018 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 execute and deliver a Tax Increment Financing and Cooperative Agreement by and among the City of Columbus, Harrison Market Community Authority, and WTD Development, LLC, to provide for the Founders Park development in the City; to approve the assignment of the Economic Development Agreement with Perry Street, LLC to WTD Development, LLC; and to declare an emergency.
Explanation
Background: City Council passed Ordinance 0443-2018 on February 27, 2018, authorizing an Economic Development Agreement with Perry Street, LLC for its Founders Park project located south of Fifth Avenue and the Battelle campus. In furtherance of that Economic Development Agreement, the attached ordinance approves and authorizes a Tax Increment Financing and Cooperative Agreement by and among the City of Columbus, the Harrison Market Community Authority, and WTD Development, LLC (as successor to Perry Street, LLC), to provide for the Founders Park development.

Emergency Justification: Emergency legislation is required to allow for immediate execution of the Tax Increment Financing and Cooperative Agreement, which is necessary to facilitate the timely completion of the above-described development.

Fiscal Impact: No funding is required for this legislation.

Title
To authorize the Director of the Department of Development to execute and deliver a Tax Increment Financing and Cooperative Agreement by and among the City of Columbus, Harrison Market Community Authority, and WTD Development, LLC, to provide for the Founders Park development in the City; to approve the assignment of the Economic Development Agreement with Perry Street, LLC to WTD Development, LLC; and to declare an emergency.

Body
WHEREAS, WTD Development, LLC (successor to Perry Street, LLC, the “Developer”) has proposed to develop a mixed use commercial and residential development known as the Founders Park Project (the “Project”) consisting of approximately 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, surface parking and a structured parking garage with at least 350 parking spaces, public park and open space amenities, and roadway and utilities improvements, generally located on the land bounded by West Fifth Avenue to the north...

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