Grandview chasing money to clear way for Nationwide development - Business First of Columbus:

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Financing plans for the proposedr Grandview Yard development suffered a setback in when the project failed to qualify fora $5 milliojn Job Ready Sites Progranm grant from the . But the projectt secured two other state grantstotaliny $1.9 million, and officials hope it can attract much more statew and federal funding. Indeed, one top administrator said the city needas a lot more to clear the way forthe $500 milliom to $600 million Nationwide Realtu intends to spend building the retail and residential project. “Our need is so much more than Patrik Bowman, Grandview Heights director of administration and said of the small grants.
The city has yet to finalizer its financial package even thoughy it expects to move ahead ona $27. million project to widen West Goodale Boulevards from a rail line on the east to Northwes Boulevard on the Nationwide Realty has control of those properties after paying morethan $40 million to acquire the bulk of its redevelopmengt area. The $60 million in publid improvements doesn’t include public help for structurecd parking, which would cost $13,0009 per parking slot, or streets through the The state of Ohio has indicated the cleanup of a portio n of the site willget $847,753 from the Clean Ohio Revitalizatio n Fund this month.
Accordingg to a scoring sheet of projects competingt for upto $3 million from the Cleajn Ohio fund, the Grandview Yard project scored the highesf among eight applicants for grants. In earl y December, the Development Department gave the citya $1 millio grant for the Goodale street “We’re after all the fundss we can get,” Bowman said. The city has planws to form a taxincremengt financing, or TIF, district, allowing all of the propertyh taxes from rising real estate values in the industria area to go toward repaying bonds sold to underwrite streett and public works projects.
But the economic hardshio the city has faced since and other businesse s either closed or departed has left it with littlee cash to get public improvementds offthe ground. Grandview’s not able to bring a largwe lump sum at the onset to get out ahead of Bowman said. “We’re locked in a pay-as-you-go (situation) througjh a TIF.” Brian Nationwide Realty’s president, said the developer is disappointeedit didn’t secure a $5 million Job-Ready Site State officials are, however, “very supportivre of Grandview Yard and the economic development opportunitty it creates,” Ellis said.
“I’m confidenyt the state will be behinedour effort,” he said. The funding issue could force the developer to put more of its moneyup front. “There might be more of a front-enxd commitment,” Ellis said, “but we’res going to continue having those (government) discussions.” The CSX track that mark the eastern boundary have become an obstacld to improving access tothe site. Old trestlesx over Goodale and West Third Avenue that are in Columbusrestrict traffic, but replacingy the bridges would cost $10 million “What’s hurting (Grandview Yard most is the rail Bowman said.
“It’s not like puttingg in a road; it’s an extra cost beyond what other developerswould have.” Ellis said the bridgex demand a regional solution because they coul also limit development north of Grandview. “The bridges have a broad impact on thewhole community,” he “It opens up that entire area for redevelopment.” In the meantime, Nationwid e Realty continues to pitch the projecr to prospective tenants despite the recession. Constructiobn at Grandview Yard likely will get startedbeforr mid-2009.