The city of Columbus will come up with $2 million in cash to help fund a downtown grocery and apartment complex.
The Columbus Redevelopment Commission agreed at a special meeting Monday to a plan that would provide the cash from the city’s central Tax Increment Financing District reserves. Plans approved by City Council last week outlined an $11 million bond for the project, with $800,000 in cash. The other $1.2 million in cash would go to cover bond issuance costs and to set up a debt reserve fund for the bond sale, according to the presentation by the city’s financial advisors.
Developer Flaherty & Collins of Indianapolis is proposing a 15,000-square foot grocery store and a more than 55 thousand square foot apartment building with about 200 units at the intersection of Lafayette Avenue and Second Street. The city is partnering with the developers to build the $40 million project, which would open in about three years.
In addition to the bonds and cash, the city is providing the property for the development.
Columbus City Council will be making a final decision on the bond issue on its Nov. 2nd meeting. Any spending above half a million dollars by the redevelopment commission must also be approved by the City Council.