Explanation
1. BACKGROUND
This ordinance declares City Council’s determination to proceed with acquiring, constructing, installing, equipping, or improving off-street parking facilities at the terminus of North May Street in the East Franklinton area of Columbus.
Pursuant to Ordinance No. 0951-2017, the City and The Gravity Project, LLC entered into a Contribution Agreement (the “Agreement”), through which the City agreed to contribute $10,000.00 per parking space for a total amount not-to-exceed $2,000,000.00 for costs associated with constructing 200 public parking spaces and The Gravity Project, LLC agreed to make annual payments to the City through the form of a 30-year special assessment totaling $2,410,712.70.
On November 20, 2017, Council approved a Resolution of Necessity (0278X-2017) declaring the necessity of acquiring, constructing, installing, equipping or improving off-street parking facilities for The Gravity project located at the terminus of North May Avenue in the East Franklinton neighborhood of Columbus, Ohio and levying a special assessment in order to fund a portion of the costs to construct a parking garage that will include 200 public parking spaces.
2. FISCAL IMPACT
No funding is required for this ordinance.
3. EMERGENCY DESIGNATION
Emergency legislation is requested in order to maintain the project schedule and meet community commitments.
Title
To determine to proceed with acquiring, constructing, installing, equipping, and improving off street parking facilities at the terminus of North May Street in the East Franklinton neighborhood of Columbus, and acquiring interests in the site thereof, together with all necessary and proper appurtenances, and determining that such action is necessary, and to declare an emergency.
Body
WHEREAS, this Council previously adopted Resolution 0278X-2017 (the "Resolution of Necessity") on November 20, 2017, which declared the necessity of acquiring, constructing, installing, equipping, and impro...
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