Explanation
Background: Pursuant to certain agreements between the City of Columbus ("City"), the Franklin County Board of Commissioners ("County") and the Columbus Zoological Park Association ("Zoo"), the City leases that real property known as the Columbus Zoo, to the Zoological Park Association. The City and County have consented to a sublease agreement between the Zoo Association and Zoombezi Bay LLC, an Ohio limited liability company ("Zoombezi") to sublease portions of the Zoo premises to Zoombezi, in order to operate the Zoo's water park. The Huntington National Bank ("Huntington") has agreed to loan Zoombezi the finances to fund this endeavor, contingent upon the City's and County's agreement, collectively as the "Landlord", to among other things, secure the bank's loan by a first priority leasehold mortgage lien on the Sublease agreement, and to notify the bank if Zoombezi should default on its financial obligations. Therefore the following legislation authorizes the Director of the Recreation and Parks Department to execute those documents, on behalf of the City, necessary to enter into an "Agreement Regarding Lease" by and among The Huntington National Bank, Zoo, the County Ohio, and the City.
Fiscal Impact: N/A
Emergency Justification: Emergency action is requested to authorize the immediate execution of the subject agreements as not to delay the operation of the water park.
Title
To authorize the Director of the Recreation and Parks Department to execute those documents, on behalf of the City, necessary to enter into an "Agreement Regarding Lease" by and among The Huntington National Bank, Zoombezi Bay LLC, the Zoo, Franklin County, and the City to secure the bank's loan to Zoombezi for the operation of the Zoo's Water Park, and to declare an emergency.
Body
WHEREAS, Pursuant to certain agreements between the City of Columbus ("City"), the Franklin County Board of Commissioners ("County") and the Columbus Zoological Park Association ("Zoo"), the City leases that real property known as the Columbus Zoo, to the Zoological Park Association; and
WHEREAS, the City and County have consented to a sublease agreement between the Zoo Association and Zoombezi Bay LLC, an Ohio limited liability company ("Zoombezi") to sublease portions of the Zoo premises to Zoombezi, in order to operate the Zoo's water park; and
WHEREAS, The Huntington National Bank ("Huntington") has agreed to loan Zoombezi the finances to fund this endeavor, contingent upon the City's and County's agreement, collectively as the "Landlord", to among other things, secure the bank's loan by a first priority leasehold mortgage lien on the Sublease agreement, and to notify the bank if Zoombezi should default on its financial obligations; and
WHEREAS, an emergency exists in the usual daily operation of the City of Columbus, in that it is immediately necessary to authorize the Director of the Recreation and Parks Department to execute those documents, on behalf of the City, necessary to enter into an "Agreement Regarding Lease" by and among The Huntington National Bank, Zoo, the County Ohio, and the City for the immediate preservation of the public health, peace, property and safety; now, therefore:
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Director of the Recreation and Parks Department be and hereby is authorized to execute those documents, as approved by the Department of Law, Real Estate Division, necessary to enter into an "Agreement Regarding Lease" by and among The Huntington National Bank, (the "Lender"), The Columbus Zoological Park Association, (the "Sublessor"), and the Franklin County Board of Commissioners, Franklin County, Ohio, and the City of Columbus, Ohio (collectively, the "Landlord") as a contingency of the bank's loan to Zoombezi LLC ("Sublessee") with respect to that portion of the Zoo premises subleased for the operation of the water park.
Section 2. That for the reasons stated in the preamble hereto, which is hereby made a part hereof, this ordinance is hereby declared to be an emergency measure and shall take effect and be in force from and after passage and approval by the Mayor or ten days after passage if the Mayor neither approves nor vetoes the same.