Explanation
Background: Under the lease agreement between the City and Columbus Urban Growth Corporation ("CUGC") for the former Northland Mall site, CUGC has the option to purchase portions of the site for resales in furtherment of redevelopment. Currently CUGC is under contract to sell approximately 11 acres to Home Depot USA Inc for the location of a new Home Depot retail store. A contingency in the purchase agreement requires CUGC, as the lessee and optionee of the property, and the City as fee owner, to execute a Restrictions and Cross Easement Agreement ("REA") with regard to the property being sold and the remainder of the former Northland mall property. Said REA grants appurtenant easements over portions of the Northland mall site for vehicular and pedestrian access and storm water discharge for benefit of the Home Depot site. The specific requirements for easements are set forth in attached Exhibit A which is an extract from the purchase agreement between CUGC and Home Depot. In addition to the creation of easements the REA places certain specified restrictions on uses of the remainder of the Northland property as set forth in attached Exhibit B and C.
Fiscal Impact: Not applicable.
Emergency Justification: Passage as emergency measure is required to meet the time contingencies set forth in the purchase contract between CUGC and Home Depot.
Title
To authorize the Director of Development, upon the conveyance of approximately 11 acres of the former Northland Mall site, to execute a Restrictions and Cross Easement Agreement among the City of Columbus, Columbus Urban Growth Corporation and Home Depot U.S.A. Inc.; and to declare an emergency.
Body
WHEREAS, The City of Columbus, as fee owner and landlord, has entered into a lease agreement with Columbus Urban Growth Corporation, ("CUGC"), as tenant, for approximately 74 acres of the former Northland mall site; and
WHEREAS, under the terms of the lease agreement CUGC has the option to purchase fee simple title to all or part of the premises; and
WHEREAS, pursuant to its option rights CUGC has entered into an agreement to sell approximately 11 acres to Home Depot U.S.A. Inc., (the "Real Estate Purchase Agreement"); and
WHEREAS, under the terms and conditions of the Real Estate Purchase Agreement and as a contingency to Home Depot's obligation to purchase the property it is necessary for the City, CUGC and Home Depot to enter into a Restrictions and Cross Easement Agreement ("REA") the requirements of which are set forth in Exhibits A, B and C but which generally provides for the granting of appurtenant easements for vehicular and pedestrian access and stormwater discharge and the placement of use restrictions on the 74 acres, height limitations and no build areas on specific portions on the remainder of City owned property; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development, in that it is immediately necessary to authorize the Director of Development to execute the REA, in order to meet the deadlines of the Real Estate Purchase Agreement which will provide for redevelopment of the former Northland mall site and 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 Development is hereby authorized, upon the conveyance of approximately 11 acres of the former Northland Mall site to Home Depot U.S.A., Inc., to execute an REA among the City, CUGC and Home Depot U.S.A. Inc., in a form satisfactory to the Department of Law and meeting the provisions set forth in Exhibit A attached hereto and incorporated herein and placing restrictions on use of the properties within former Northland mall site owned by the City as set forth on Exhibits B and C attached hereto and incorporated herein.
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 its passage and approval by the Mayor or ten days after its passage if the Mayor neither approves nor vetoes the same.