Explanation
1. BACKGROUND
This legislation authorizes the Director of the Department of Development to enter into an Economic Development Agreement with the Gravity Project 2 LLC and Columbus Housing Partnership, Inc., dba Homeport (hereinafter the “Development Team”).
The Development Team is proposing to construct a one hundred twenty million dollar ($120,000,000.00) mixed-use development that will include retail, residential units, class A commercial office, and a structured parking garage with a mix of public and private parking spaces (the “Project”). The Economic Development Agreement (the “EDA”) will outline the plans and certain commitments of the Development Team and the City as it relates to the Project.
The Development Team will construct one hundred eighty thousand (180,000) square feet of class A commercial office space, ten thousand (10,000) square feet of retail space, two hundred (200) multi-family residential units, twenty-five (25) townhomes, two hundred forty (240) co-living bedrooms, approximately fifty (50) affordable housing units affordable to, on average, sixty percent (60%) Area Median Income (“AMI”) households, and an eight hundred (800) space structured parking garage with a minimum of 200 parking spaces open and dedicated to the public for a period of 32 years and will make annual revenue sharing payments to the City for a period of 30 years. The Development Team will acquire the site of the former West Side Spiritualist Church to construct a portion of the Project.
The Department of Development agrees to submit future legislation to City Council to authorize the design and construction of the streetscape improvements on West State Street from the CSX Railroad to Sandusky Street, and McDowell Street from West Broad Street to West State Street. The Department of Development will submit for City Council consideration all necessary legislation to authorize a Contribution Agreement for the public parking commitment of $10,000.00 per sp...
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