Explanation
Background: City Council passed Ordinance No. 2822-2017 on November 21, 2017, authorizing an Economic Development Agreement with Wagenbrenner Development for its project located at the northeast corner of Dublin Road and Grandview Avenue. 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 Grandview Crossing Community Authority, and Wagenbrenner Development or its designee, to provide for the redevelopment.
Fiscal Impact: No funding is required for this legislation.
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.
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, the Grandview Crossing Community Authority, and Wagenbrenner Development or its designee, to provide for the redevelopment in the City of property located at the northeast corner of Dublin Road and Grandview Avenue; and to declare an emergency.
Body
WHEREAS, Wagenbrenner Development (the “Developer”) has proposed to redevelop property located at the northeast corner of Dublin Road and Grandview Avenue by constructing a mixed use commercial and residential development known as the Grandview Crossing Project (the “Project”) consisting of approximately 200,000 square feet of Class A office space, up to 900 apartment units with a minimum of 10% of the units occupied by and affordable to 80% AMI households and another 10% for 100% AMI households, a 260 unit senior living facility, a 120 key hotel and 29,000 square feet of retail uses, together with green space and a shared use path; and
WHEREAS, this Council passed Ordinance No. 2822-2017 ...
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