Explanation
Background: Kaufman Development dba The Gravity Project 2, LLC (together with its affiliate Gravity 2 Garage, LLC, hereafter designated the “Developer”) has finalized plans for its Gravity Phase II urban redevelopment project (“Project”) located at 455 W. Broad Street and identified as Franklin County Tax Parcel 010-039621. The City, the Developer, and Columbus Housing Partnership (dba “Homeport”) have entered into an Economic Development Agreement (the “EDA”) to further the Project. Pursuant to that EDA, the Developer committed to dedicating a minimum of two hundred (200) spaces to public use of the approximately nine hundred parking spaces (900) garage, and the City agreed to a contribution of ten thousand dollars ($10,000) for each of the 200 public parking spaces in an amount not to exceed a total contribution of two million dollars ($2,000,000). This legislation authorizes the Director of the Department of Development to enter into a Neighborhood Structured Parking Incentive Contribution Agreement with the Developer and the transfer, appropriation, and expenditure of the first 25% of the contribution.
Emergency Justification:
Emergency legislation is required to allow for the immediate contribution from the City for the construction of the structured parking garage, which is necessary to facilitate the timely completion of the above described Project.
Fiscal Impact: The City will contribute the first 25% of the $2,000,000 contribution from funding in the amount of $451,357.55 in the West Edge II TIF Fund (7422) and $48,642.45 in the East Franklinton TIF Fund (7463) to the Developer upon their recording of the recorded covenants ($500,000). Funding for the remaining $1,500,000.00 of the contribution will be appropriated through subsequent legislation after the passage of the 2020 Capital Improvement Budget.
Title
To authorize the transfer within and to appropriate $451,357.55 in the West Edge II TIF Fund (7422) and $48,642.45 in the East Frank...
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