Explanation
Background:
Scioto Peninsula Holdings, Ltd. (the “Developer”) and the City entered into a 99-year lease, pursuant to Ordinance No. 0193-2017, and an Economic Development Agreement, pursuant to Ordinance No. 3121-2016, for its Scioto Peninsula project that will redevelop City-owned property located on the Scioto Peninsula immediately west of the Center of Science and Industry (COSI). The City and the Developer desire to form a new community authority pursuant to ORC Chapter 349 to support that redevelopment. On December 5, 2019, a Petition for the Organization of the Scioto Peninsula New Community Authority was submitted to City Council. City Council, as the organizational board of commissioners, is now required by ORC Chapter 349 to determine the sufficiency of the Petition and set a public hearing date on the Petition.
Emergency Justification: Emergency action is requested in order to facilitate the development of this project in a timely manner.
Fiscal Impact: No funding is required for this legislation.
Title
To determine that the petition to establish the Scioto Peninsula New Community Authority is sufficient and complies with the requirements of the Ohio Revised Code; to set the time and place for a hearing on the petition and authorize the notice of such hearing by publication; and to declare an emergency.
Body
WHEREAS, Scioto Peninsula Holdings, Ltd. (the “Developer”) has proposed to redevelop property located on the Scioto Peninsula immediately west of the Center of Science and Industry (COSI) by constructing a mixed use commercial and residential development known as the Scioto Peninsula Project with a first phase consisting of a hotel with approximately 197 rooms, up to 550 residential units, and approximately 240,000 square feet of office space, together with supportive retail, along with various road, sewer, water, public space and parking improvements to support the development; and
WHEREAS, to support the redevelopment of the pr...
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