Explanation
BACKGROUND
This legislation authorizes the Director of the Department of Development to reimburse NWD Investments, LLC (“NWD”) $5,000,000.00 in connection with public infrastructure improvements located along Vine Street and Goodale Boulevard on the east and west side of Neil Avenue.
The City and NWD are engaged in a public-private partnership (P3) to coordinate the design and construction of public infrastructure improvements necessary to support new mixed-use development projects in the Arena District (the “Arena District Improvements”). On October 31, 2019, the City and NWD entered into both an Economic Development Agreement (the “EDA”) and a subsequent Amended and Restated TIF Reimbursement Agreement (the “TIF Agreement”), both pursuant to Ordinance 2043-2019 passed by Council on July 22, 2019. The City is authorized by Ordinance 2043-2019, as amended by Ordinance 2932-2021, passed by Council on December 6, 2021, to execute subsequent agreements and instruments with NWD related to the Arena District Improvements pursuant to the TIF Agreement. In the EDA and TIF Agreement, the City committed funds from the City’s capital improvement budget (the “Public Infrastructure Commitment”) toward the costs of the Arena District Improvements.
The first $5,000,000.00 authorized by Ordinance 2061-2022 was used to reimburse NWD for the Arena District Improvements associated with the Hamilton Parker Phase 1 site redevelopment. A portion was completed in 2021 and included a new 130,000 square foot office building and 600-space structured parking garage. The Arena District Improvements to-date have included the reconstruction of Kilbourne Street, widening of Neil Avenue north of Vine Street, and the resurfacing of Vine Street, Spruce Street, and Armstrong Street; relocation of City of Columbus Division of Power poles and equipment along the west side of Kilbourne Street; combined sewer relocation on Vine Street between Kilbourne Street and Neil Avenue.
The...
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