Explanation
Background: The City leases that real property identified as 29 Spruce Street, Franklin County Tax Parcel 010-54645, commonly known as the North Market, to the North Market Development Authority, Inc. (“Authority”) as authorized by Council Ordinance 2856-2015 and as amended by a First Lease Amendment authorized by Council Ordinance 1993-2019. This legislation authorizes the Director of the Department of Finance and Management to enter into a Second Lease Amendment with the Authority to extend the term of the Lease Agreement and to modify those provisions as necessary to allow for the proposed mixed-use development of the site as provided for in the Economic Development Agreement dated September 11, 2019 as authorized by City Council Ordinance 1993-2019.
Fiscal Impact: No funds are required.
Emergency action is requested to allow the Project to meet certain criteria and application deadlines and to continue without delay or interruption.
Title
To authorize the Director of the Department of Finance and Management to execute those documents necessary to enter into a second lease amendment agreement with the North Market Development Authority, Inc., and to declare an emergency. ($0.00)
Body
WHEREAS, the City owns that real property identified as 29 Spruce Street, Franklin County Tax Parcel 010-54645 that is leased to the North Market Development Authority, Inc.; and
WHEREAS, an through an RFP process a redevelopment project for a mixed-use development of the real property was selected that includes construction of a twenty-six (26)-story mixed-use building containing retail, residential, Class A office, a hotel and structured parking, including an expansion of the North Market (“Project”); and
WHEREAS, the Project is being undertaken as a Public-Private Partnership (P3) with the City that will enhance the North Market and surrounding North Market Historic District, to provide opportunities to augment and expand the North Market’s services...
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