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File #: 0220X-2022    Version: 1
Type: Resolution Status: Passed
File created: 10/31/2022 In control: Economic Development Committee
On agenda: 11/14/2022 Final action: 11/16/2022
Title: To approve and authorize the Director of the Department of Development, for and in the name of the City, signing and filing the petition to establish the NM Mixed-Use Project New Community Authority; to determine that the petition to establish the NM Mixed-Use Project New Community Authority is sufficient and complies with the requirements of Chapter 349 of the Ohio Revised Code; to authorize the appropriate City officials to hold a public hearing on the petition at the time and place set herein; to authorize the notice of such public hearing by publication in a newspaper of general circulation in the county for three consecutive weeks; and to declare an emergency.
Explanation

Background: The Council of the City of Columbus, Ohio (the “Council”) passed Ordinance 1993-2019 on July 22, 2019 authorizing the Director of the Department of Development (the “Director”) to enter into an Economic Development Agreement by and between the City, North Market Development Authority, Inc. (“NMDA”), and NM Developer LLC (the “Developer”), dated September 11, 2019, as modified by the letters dated August 9, 2021 and September 20, 2022 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 public market owned by the City (the “North Market”) and together located on Franklin County Tax ID Parcel Nos. 010-054645 and 010-307276 (collectively, the “Site”). The mixed-use development will include an expansion of the North Market, a new public atrium, a new shared community plaza (the “Shared Plaza”), structured parking, office, residential units, and a hotel (collectively, the “Project”). The Developer has agreed to provide 20% of the residential units as workforce housing on the condition that the City provide financial assistance, which pursuant to Ordinance 3215-2021 passed July 25, 2022, the City will fund using a portion of the hotel/motel/short-term rental excise taxes that are generated by the hotel located within the Project (the “North Market Hotel Bed Taxes”). Additionally, the City committed to using the remaining North Market Hotel Bed Taxes to provide funding to NMDA for the maintenance of the North Market and the cultural enrichment it provides to the community. Within the EDA, the City, NMDA, and the Developer also committed to establishing a new community authority in relation to the Project on a portion of the Site not including the existing North Market (the “NM Mixed-Use Project NCA”). The purposes of the NM Mixed-Use Project NCA include, but are not limited to, receiving a remaining portion of the North Market H...

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