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File #: 3215-2021    Version:
Type: Ordinance Status: Passed
File created: 11/24/2021 In control: Rules & Reference Committee
On agenda: 7/25/2022 Final action: 7/27/2022
Title: To amend Sections 371.02 and 371.18 and to enact Section 371.20 of Chapter 371 of the Columbus City Codes in order to amend the distribution schedule of the hotel/motel/short-term rental excise taxes to segregate a portion of the hotel/motel/short-term rental excise taxes generated by the hotel to be constructed at the North Market so that such funds may be used to subsidize affordable workforce housing, pursuant to the Economic Development Agreement dated September 11, 2019, by and between the City, North Market Development Authority, Inc., and NM Developer LLC, as modified by the letter dated August 9, 2021 from the City to NM Developer LLC; to establish two new city funds (North Market Housing Fund and North Market Capital Maintenance Fund) for the deposit of a portion of the hotel/motel/short-term rental excise taxes generated from the hotel to be constructed at the North Market; to authorize the North Market Workforce Housing Agreement between the City and NM Developer LLC; and to...
Sponsors: Nicholas Bankston
Attachments: 1. AMENDED 3215-2021 - Exhibit A, 2. 3215-2021 EXHIBIT A
Explanation
BACKGROUND: City Council passed Ordinance 1993-2019 on July 22, 2019 authorizing the Director of the Department of Development to enter into an Economic Development Agreement by and between the City of Columbus (the “City”), North Market Development Authority, Inc. (“NMDA”), and NM Developer LLC (the “Developer”), dated September 11, 2019, as modified by the letter dated August 9, 2021 from the City to the Developer (as so modified, the “EDA”), concerning the development of a 31-story, mixed-use building on the surface parking lot adjacent to the existing “North Market,” which is owned by the City and located on Franklin County Tax ID Parcel No. 010-054645 (the Nos. 010-054645, 010-307273, 010-307274, 010-307275, 010-307276 (collectively, the “Site”). The mixed-use development will include an expansion of the North Market, a new public atrium and plaza, structured parking, office, residential units, and a hotel (collectively, the “Project”). The Developer has agreed to provide 20% of the residential units as affordable workforce housing on the condition that the City provide financial assistance, which the City intends to fund using a portion of the hotel/motel/short-term rental excise taxes (“Bed Taxes”) that are generated by the hotel located within the mixed-use development (the “North Market Hotel”). Additionally, the City has committed to using the remaining Bed Taxes generated by the North Market Hotel to providing funding to NMDA for the maintenance of the North Market and the cultural enrichment it provides to the community.

This legislation will amend Chapter 371 of the Columbus City Codes regulating hotel/motel/short-term rental excise taxes to provide that the tax revenues generated from a rate of three and six-tenths percent (3.6%) of the overall five and one-tenths percent (5.1%) hotel/motel/short-term rental excise tax rate applied to the North Market Hotel will be deposited into two new City funds, the North Market Housing Fund and Nor...

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