Explanation
Background: Ordinance 1307-2012 passed by Council on July 30, 2012 and Ordinance 1758-2015 passed by Council on July 13, 2015 rezoned property in the vicinity of the N. Hamilton Road and State Route 161 interchange including Franklin County Auditor tax parcel ID’s 010-220083, 010-247888, 010-296370, 010-301660, 545-294042, 545-175661, and 545-291670 (collectively, the “New Community Authority Site”) now owned or controlled by Hamilton Crossing, LLC; The New Albany Company; Center State Enterprises LLC; and affiliates of Casto AP Residential LLC: HQ Flats Phase I LLC; HQ Flats Phase II LLC; and HQ Flats Phase III LLC (each a “Developer” and collectively, the “Developers”). The Developers have constructed or plan to construct at least 750 residential units and are proposing to construct a yet to be determined amount of mixed use development, which may include additional multifamily, retail, office, medical office, senior housing, or hospitality/conference altogether on approximately 114 acres. This proposed development represents an estimated private investment of approximately $75,000,000 to $85,000,000. The Developers may also finance upfront at least $7,000,000 of public infrastructure improvements. Pursuant to Ordinance 2189-2020 passed by Council on October 5, 2020, the Director of the Department of Development entered into the First Partial Amendment to Economic Development Agreement dated January 29, 2021 amending the Economic Development Agreement dated September 24, 2015 (together, the “EDA”) with the Hamilton Crossing, LLC; The New Albany Company; Center State Enterprises LLC; and Casto AP Residential, LLC to reaffirm and outline the plans and respective commitments of the parties for the fulfillment of establishing a new community authority, among other things, in relation to the New Community Authority Site. On February 22, 2022, a petition for the organization of the Hamilton Crossing Community Authority (the “Petition”) was filed by the Dev...
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