Explanation
Background: The Gravity Project 2, LLC (together with its affiliates, collectively, the “Developer”) will design and construct the 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”) 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 (the “Contribution”). City Council previously passed Ordinance 0911-2020 on May 18, 2020 to authorize the Director of the Department of 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 ($500,000) from the West Edge II TIF Fund and the East Franklinton TIF Fund. Following the passage of the 2020 Capital Improvement Budget impacted by the COVID-19 pandemic, City Council passed Ordinance 1068-2021 on May 10, 2021 to authorize the expenditure of the remaining 75% of the Contribution ($1,500,000). In order to provide greater financial flexibility to the City’s capital improvement budget, this legislation will authorize the transfer, appropriation, and expenditure of $1,000,000 collectively in the West Edge I TIF Fund (7420), West Edge II TIF Fund (7422), and the East Franklinton TIF Fund (7463) as a substitution for the $1,000,000 of the...
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