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 the Scioto Peninsula.
Title
To authorize the Director of Finance and Management to enter into easement agreements with The Daimler Group, Flaherty & Collins, and Rockbridge, or subsidiaries thereof, to provide long-term parking in the Starling Street Parking Garage; to enter into an agreement with Scioto Peninsula Association, Inc. to provide a right of first offer to purchase the Starling Street Parking Garage; and to declare an emergency.
Body
WHEREAS, the City has undertaken a multi-phase project in cooperation with the Columbus Downtown Development Corporation and Franklin County to redevelop the Scioto Peninsula; and
WHEREAS, as part of that project and to support the redevelopment, the City has engaged Capitol South Community Urban Redevelopment Corporation to construct the Starling Street Parking Garage, which will be financed and owned by the City on land 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”); and
WHEREAS, 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; and
WHEREAS, 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; and
WHEREAS, the success of the Garage and redevelopment requires long-term availability of adequate parking capacity and commitments to parking in the Garage; and
WHEREAS, an emergency exists in the usual daily operation of the City, in that is immediately necessary to authorize the easements and right of first offer, to allow the redevelopment to occur as soon as possible, all for the immediate preservation of the public health, peace, property, safety and welfare; now, therefore
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the Director of Finance and Management be and hereby is authorized to enter into easement agreements, as approved by the Department of Law, Real Estate Division, with The Daimler Group, Flaherty & Collins, and Rockbridge Capital (or subsidiaries thereof) to provide parking access and commitments to use the Garage described herein for terms up to fifty (50) years.
SECTION 2. That the Director of Finance and Management be and hereby is authorized to enter into an agreement, as approved by the Department of Law, Real Estate Division, with Scioto Peninsula Association, Inc. to provide the Association with a right of first offer to purchase the Garage described herein in the event that the City elects to sell or otherwise dispose of the Garage.
SECTION 3. That for the reasons stated in the preamble hereto, which is hereby made a part hereof, this Ordinance is declared to be an emergency measure and shall take effect and be in force from and after its passage and approval by the Mayor, or ten days after passage if the Mayor neither approves nor vetoes the same.