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, by Resolution No. 0324X-2019, passed December 16, 2019, determined the sufficiency of the Petition and set a public hearing date on the Petition, which was held on January 7, 2020. This resolution officially creates the proposed new community authority and makes the City’s initial appointments to the authority’s board of trustees.
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 declare the Scioto Peninsula New Community Authority to be organized and a body politic and corporate; to define the boundary of the Authority’s new community district; to provide the method of selecting the board of trustees of the Authority and fix the surety for their bonds; 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 ...
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