Explanation
Background: The City has leased to Scioto Peninsula Holdings, Ltd. (hereinafter “SPH”), a subsidiary of Columbus Downtown Development Corporation, the real property which has the general boundaries of West Broad Street to the north, Belle Street to the east, West Town Street to the south, and the Norfolk Southern right of way west of Starling Street to the west (the “Scioto Peninsula Land”) for a term of 99 years, renewable forever. After conducting a competitive process, SPH has identified a team of well recognized developers interested in redeveloping the Scioto Peninsula Land: The Daimler Group, Rockbridge Capital, and Flaherty & Collins (each, along with its subsidiaries, a “Developer” and, collectively, the “Developers”).
The Developers have proposed to construct approximately 240,000 square feet of office space, 350 apartment units, and 197 hotel rooms as part of the first phase of redevelopment. SPH proposes to acquire the City’s fee title to a portion of the Scioto Peninsula Land, identified as Lots 4, 6, 8, and 9 of the Scioto Peninsula Subdivision (each, a “Lot” and, collectively, the “Property”) and then to convey title to each Lot to a Developer, reserving necessary easements for utilities, signs, and improvements and subject to other restrictions of record, for a cumulative purchase price of approximately $5.3 million. The net proceeds from the sale are subject to the terms of the Economic Development Agreement, entered into on February 7, 2017, between the City and SPH. The conveyance of each Lot from the City to SPH shall be conditioned on the respective Developer proceeding to closing on that Lot.
The following legislation authorizes the Director of Finance and Management to execute quit claim deeds to SPH conveying title to the Property, to execute joinders and consents to utility, encroachment, maintenance, temporary construction easements necessary for the redevelopment, and to execute other pertinent documents.
Fiscal Im...
Click here for full text