Explanation
Background: On October 1, 2007, Council passed Ordinance No. 1587-2007 which authorized an agreement with Capitol South Community Urban Redevelopment Corporation to purchase the subordinate leasehold estate of TL-Columbus Associates, LLC in the Centrum property. The purchase was part of a proposed settlement leading not only to the termination of TL-Columbus' leasehold interests in The Centrum property and but also the City Center Mall. In order to accomplish these terminations it is necessary to authorize the Director of Development to execute such other documents, as approved by the Department of Law, as are necessary to implement the agreed terminations.
Fiscal Impact: N/A
Emergency Justification: Under the proposed settlement agreement the purchase and agreed termination are scheduled for no later than October 31, 2007. Documents needed from the City are required before that date. Consequently emergency passage is required.
Title
To authorize the Director of Development to execute such other documents incident to and necessary for the agreed termination of all subordinate leasehold interests of TL-Columbus Associates, LLC, in The Centrum and City Center Mall properties, and to declare an emergency.
Body
WHEREAS, on October 1, 2007 Council passed Ordinance No. 1587-2007, authorizing the Director of Development to enter into an agreement with Capitol South Community Urban Redevelopment Corporation to purchase the subordinate leasehold interests of TL-Columbus Associates, LLC in the Centrum property; and,
WHEREAS, as part of the proposed settlement agreement between Capitol South Community Urban Redevelopment Corporation and TL-Columbus Associates, LLC on the agreed termination of the leasehold interest in the Centrum property, an agreement on the termination of the subordinate leasehold interest of TL-Columbus Associates, LLC in the City Center Mall property is included; and
WHEREAS, in order to effectuate the agreed termination of the subordinant leasehold interests of TL-Columbus Associates, LLC in the Centrum and the City Center Mall it is necessary for the City to execute certain documents; and
WHEREAS, it is in the best interest of the City to authorize the Director of Development to execute such documents, as approved by the Department of Law, and as are necessary and consistent with the termination of all the subordinate leasehold interests of TL-Columbus Associates LLC in the Centrum and City Center Mall properties; and
WHEREAS, an emergency exists in the usual daily operations of the City in that it is necessary pursuant to the proposed agreement between Capitol South Community Urban Redevelopment Corporation and TL-Columbus Associates, LLC to execute these documents before October 31, 2007, and thereby this ordinance is hereby deemed to be an emergency measure necessary for the immediate preservation of the public health, safety and welfare; now, therefore:
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Director of Development be, and hereby is, authorized to execute such documents, as approved by the Department of Law, as are necessary and consistent with the agreement with Capitol South Community Urban Redevelopment Corporation authorized by Ordinance No. 1587-2007, and as may be necessary to accomplish the agreed termination of all subordinate leasehold interests of TL-Columbus Associates, LLC in the City Center Redevelopment Property, including City Center Mall. Said documents are to include, but not be limited to, providing the City's consent and acknowledgement of such agreed terminations, any amendments to existing leases or subleases required as part of such terminations and mutual releases of any claims by TL-Columbus Associates, LLC, Capitol South Community Urban Redevelopment Corporation and the City of Columbus.
Section 2. That for the reasons stated in the preamble hereto, which is made a part hereof, this ordinance is hereby deemed to be an emergency measure and shall take effect and be in force immediately from and after its passage and approval by the Mayor or ten days after passage if the Mayor neither approves nor vetoes the same.