Explanation
Background: The Gravity Project 2, LLC (together with its affiliate Gravity 2 Garage, LLC, collectively, the “Developer”) will design and construct Gravity Phase II urban redevelopment project (“Project”) located between Broad Street, State Street, McDowell Street and the CSX railroad. The City, the Developer, and Columbus Housing Partnership (dba “Homeport”) have entered into an Economic Development Agreement dated September 27, 2019 (the “EDA”) to further the Project and McDowell Place, the LIHTC project to be constructed by Homeport. Pursuant to that EDA, the Developer committed to dedicating at least two hundred (200) spaces for public use (the “Dedicated Public Spaces”) of the approximate nine-hundred (900) parking spaces structured parking facility (the “Parking Facility Project”), and the City agreed to a contribution of ten thousand dollars ($10,000) for each of the Dedicated Public Spaces in an amount not to exceed a total contribution of two-million dollars ($2,000,000, the “Contribution”). City Council previous passed Ordinance 0911-2020 on May 18, 2020 to authorize the Director of the Development to enter into a Neighborhood Structured Parking Incentive Contribution Agreement (the “Agreement”) with the Developer and to authorize the transfer, appropriation, and expenditure of the first 25% of the Contribution. Due to the COVID-19 pandemic, the Project’s private financing was delayed. With the Project moving forward again, the City is submitting subsequent legislation for the remainder of the Contribution following the passage of the 2020 Capital Improvement Budget. This legislation will authorize the expenditure of the remaining 75% of the Contribution.
Emergency Justification:
Emergency legislation is necessary to allow for the immediate disbursement from the City of the remaining 75% of the Contribution pursuant to the Agreement for the construction of the Dedicated Public Spaces, which is necessary to facilitate the timely completion of...
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