Explanation
1. BACKGROUND
This legislation authorizes the Director of the Department of Development to enter into an Infrastructure Improvements Agreement with CoverMyMeds LLC and CHI Franklinton, LP (hereinafter the “Project Team”).
The Project Team is proposing to construct a new corporate headquarters for CoverMyMeds which will consist of 218,000-square-foot Class A office building, ancillary campus amenities, and surface parking and, may construct in the future another 200,000 square feet Class A office building one or more associated parking structures containing up to approximately 1,150 parking spaces at a later date (the “Project”). The Economic Development Agreement (the “EDA”) will outline the plans and certain commitments of the Project Team and the City as it relates to the Project.
The Project will support the retention and relocation of approximately five hundred ninety-two (592) existing full-time permanent employees from their current offices. Additionally, CoverMyMeds will create 1,032 new full-time permanent employees. The Project Team will pay the costs to design and construct roadway improvements for North Souder Avenue from the railroad tracks to Dublin Road, McKinley Avenue from North Souder Avenue to Rodgers Avenue, Hartford Avenue north of McKinley Avenue, John Street west of North Souder Avenue, and the intersection of North Souder Avenue and Dublin Road. The Project Team will enter into a Contribution Agreement with the City for costs to design and construct the relocation of electric facilities that will be displaced as a result of the Project for construction costs that exceed the City’s contribution of $2,000,000.00. The Development will strongly consider using City of Columbus Division of Power as its primary electricity service provider for a period of ten (10) years, and will cooperate with the City should the City identify the need for a Co-Go Bike Station or other mobility-focused transit installation.
The Department of Deve...
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