Explanation
BACKGROUND:
The City has undertaken a multi-phase project in cooperation with the Columbus Downtown Development Corporation and Franklin County to redevelop the Scioto Peninsula. As part of that project and to support the redevelopment, the City, pursuant to Ordinance No. 3223-2019, has engaged Capitol South Community Urban Redevelopment Corporation to construct the Starling Street Parking Garage, which will be financed and owned by the City and located on property bounded by Capital Street on the north, Starling Street on the east, the Norfolk Southern railroad tracks west of Starling Street on the west, and West Town Street to the south (the “Garage”).
The Garage will provide additional parking alternatives and support the first phase of the Scioto Peninsula redevelopment project, which includes an office building developed by The Daimler Group, multifamily housing developed by Flaherty & Collins, and a hotel developed by Rockbridge Capital. Scioto Peninsula Association, Inc. (the “Association”) is the property owners’ association for the Scioto Peninsula, which will be responsible for the management and maintenance of the common elements of the project. The success of the Garage and redevelopment requires long-term availability of adequate parking capacity and commitments to parking in the Garage.
This ordinance will authorize the Director of Finance and Management to enter into easement agreements with each of the three developers to provide up to fifty (50) year easements for parking in the Garage and to enter into an agreement with Scioto Peninsula Association, Inc. to provide the Association with a right of first offer to purchase the Garage in the event that the City elects to sell or otherwise dispose of the Garage.
FISCAL IMPACT: No expenditures of funds by the City is required. The City will receive parking revenue under the easements.
EMERGENCY JUSTIFICATION: Emergency Legislation is requested to expedite the redevelopment of ...
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