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ORDINANCE APPROVING AND AUTHORIZING THE EXECUTION OF A DEVELOPMENT AGREEMENT WITH CRESCENT AT CENTRAL PARK LLC, CP CRESCENT LLC, AND ANDRE M. BUCKLES, TO FACILITATE THE DEVELOPMENT OF A MIXED USE PROJECT ON 41.0+/- ACRES LOCATED IN THE CITY GENERALLY TO THE SOUTH AND SOUTHEAST OF AND ADJACENT TO THE INTERSTATE 270-HAMILTON ROAD INTERCHANGE, AND THE DEDICATION OF 34.0+/- ACRES LOCATED TO THE SOUTH THEREOF TO THE CITY FOR USE AS PARKLAND; WAIVE SECOND READING.
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WHEREAS, Crescent at Central Park LLC, an Ohio limited liability company ("Crescent"), is the owner of certain undeveloped real property located in the City, consisting of 41.0+/- acres found generally to the south and southeast of and adjacent to the Interstate-270/Hamilton Road interchange, known on the Effective Date as Franklin County Auditor Parcel Numbers 025-013767-00 and 025-013774-00 (the "Crescent Property"); and
WHEREAS, Crescent desires to pursue development opportunities on the Crescent Property which are anticipated to include, but not necessarily be limited to, office, retail, restaurant, service-related, and multi-family uses, the latter of which will be developed by CP Crescent, LLC, an Ohio limited liability company ("Casto"); and
WHEREAS, in order to facilitate the development of this mix of uses on the Crescent Property, provide for the construction of public infrastructure improvements necessary to serve such development, ensure that the City will have various sources of revenue being generated therefrom, and provide for the transfer and dedication of 34.0+/- acres of parkland from Andre M. Buckles (who is an owner/principal of Crescent) to the City in order to serve not only the Crescent Property but the City at large, City, Crescent, CP, and Buckles desire to enter into a development agreement in the form that is attached hereto as Exhibit A (the "Development Agreement");
WHEREAS, this Council has determined that it is in the best interests of the City's health, safet...
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