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File #: 2924-2022    Version: 1
Type: Ordinance Status: Passed
File created: 10/21/2022 In control: Economic Development Committee
On agenda: 11/14/2022 Final action: 11/16/2022
Title: To authorize the Director of Development to enter into a Contribution Agreement with Trolley Barn LLC; to authorize the appropriation and expenditure of up to $170,000.00 from the Neighborhood Economic Development Fund; to approve eligible expenditures incurred prior to the execution of the contribution agreement. and to declare an emergency ($170,000.00).
Attachments: 1. 2924-2022 Trolley Barn NEDF Accounting Codes
Explanation

BACKGROUND
This legislation authorizes the Director of the Department of Development to enter into a Contribution Agreement with Trolley Barn LLC, up to $170,000.00 to cover professional services and soft costs incurred for the Trolley Barn redevelopment project located at 200 and 212 Kelton Avenue and 1610 Oak Street in the Franklin Park Neighborhood on the City’s Near East Side.

The City of Columbus and Trolley Barn, LLC, are engaged in a Public-Private Partnership (3P) for the redevelopment of the former Trolley Barn and associated buildings into a mixed use development that will include a fresh food market, business incubator, tap room, restaurant and office space.

CONTRACT COMPLIANCE INFORMATION
The vendor number is 008812 and expires 10/3/2024.

FISCAL IMPACTS
$170,000.00 is available in the Neighborhood Economic Development Fund (2237).

EMERGENCY DESIGNATION The Department of Development is requesting this ordinance to be considered an emergency measure in order to allow the Director of the Department of Development to immediately execute a Contribution Agreement so that the owner of the project can meet financial obligations in November.


Title

To authorize the Director of Development to enter into a Contribution Agreement with Trolley Barn LLC; to authorize the appropriation and expenditure of up to $170,000.00 from the Neighborhood Economic Development Fund; to approve eligible expenditures incurred prior to the execution of the contribution agreement. and to declare an emergency ($170,000.00).


Body

WHEREAS, Trolley Barn LLC is redeveloping the site of the former Trolley Barn into a mixed-use development on the Near East Side of Columbus with an address of 200 and 212 Kelton Avenue and 1610 Oak Street; and

WHEREAS, the City of Columbus and Trolley Barn LLC are engaged in a Public-Private Partnership (P3) to cover the cost of professional services and soft costs in support of the redevelopment; and

WHEREAS, it is necessary ...

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