Explanation
Background: Pursuant to Ordinance Nos. 0193-2017 and 3181-2019, the City leased to Scioto Peninsula Holdings, Ltd. (hereinafter “SPH”), a subsidiary of Columbus Downtown Development Corporation (“CDDC”), 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, as recorded in Instrument Nos. 201707200099614, 202001090003812 and 202001160007289, Franklin County Recorder’s Office. 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. The three developers have proposed to construct approximately 240,000 square feet of office space, 330 apartment units, and 197 hotel rooms as part of the first phase of redevelopment. To support the redevelopment project, SPH has proposed the inclusion of a new street running north to south from West Capital Street and West Chapel Street, on Reservations A, B, and C of the Scioto Peninsula Subdivisions, recorded in Plat Book 127, Page 91, Franklin County Recorder’s Office, (the three reservations, collectively, the “Property”) to provide enhanced pedestrian and vehicular connectivity to the development in addition to the existing public streets and alleys. SPH and this Council have also taken steps pursuant to Resolution 0324X-2019 and 0106X-2020, to create the Scioto Peninsula New Community Authority which will, among other roles, finance and own this new street.
The following legislation authorizes the Director of Finance and Management to release the Property from the 99-year lease, as amended, and to execute a quit claim deed to the Scioto Peninsula New Community Authority conveying title to the Property; to execute joinders and c...
Click here for full text