Explanation
1. BACKGROUND
This legislation authorizes the Director of the Department of Development to enter into an Economic Development Agreement with the North Market Development Authority (the “NMDA”), and NM Developer LLC (the “Development Team”).
The current location of the North Market at 59 Spruce Street is a former warehouse and parking lot owned by the City of Columbus. In 2016 the City began a Request for Proposals (RFP) process for the site with the goal of creating a sustainable, long-term financial structure to support the North Market.
After completing a two-phase RFP, an evaluation committee recommended selecting the proposal submitted by the Development Team, which includes a twenty-six (26)-story mixed-use development, including an expansion of the North Market, a grand atrium, an outdoor patio and entrance, additional retail, residential units, class A commercial office, hotel; and structured parking. The Economic Development Agreement (the “EDA”) will outline the plans and certain commitments of the NMDA, Development Team, and the City as it relates to the Project.
The Project will be comprised of an approximately four thousand three hundred eighty (4,380) square foot grand atrium (“North Market Atrium”) to be used as public space joining the existing North Market building to the remainder of the Project; an approximately three thousand eight hundred ninety-eight (3,898) square foot expansion of North Market vendor space (“North Market Expansion”); an approximately three thousand two hundred sixty-four (3,264) square foot outdoor patio space and entrance into the North Market to be used for seating, dining and event space (“North Market Patio”); a new outdoor plaza, comprised of approximately five thousand one hundred and seventy two (5,172) square feet of shared space (the “Shared Plaza”); up to approximately ninety-two thousand (92,000) square feet of class A commercial office space; approximately one hundred fifty (150) multi-family re...
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