Explanation
Background: The City entered into a Lease Agreement, dated March 19, 2003, as authorized by City Council Ordinance 1268-02, with 670 Cap Partners, Ltd, Columbus, Ohio, a Memorandum of which is recorded as Instrument No. 200304020094158 in the Office of the Franklin County Recorder, authorized by City Council Ordinance 380-99 and as amended by that certain First Amendment to Lease dated May 9, 2005 (collectively, the “Lease”) whereby Landlord leased to Tenant, and Tenant rented from Landlord, certain premises located in the City of Columbus, Franklin County, Ohio, and more particularly 569-600 North High Street, commonly known as the 670 Cap. The following legislation authorizes the Director of the Department of Finance and Management to execute a Second Amendment to Lease Agreement with 670 Cap Partners, Ltd. necessary to change and extend the renewal terms, update insurance terms and City Code references. The current lease is set to expire March 31, 2028. The following legislation is presented as emergency measure.
Fiscal Impact: No funding is required for this legislation, there will be an additional ten years of renewal options.
Emergency Action: This legislation is presented as emergency to immediately amend the lease to extend the renewal terms for 670 Cap Partners, Ltd. and allow operations to continue uninterrupted.
Title
To authorize the Director of the Department of Finance and Management to execute a Second Amendment to the Lease Agreement with 670 Cap Partners, Ltd. for the property located at 569-600 North High Street, Columbus, Ohio, commonly known as the 670 Cap; and to declare an emergency. ($0.00)
Body
WHEREAS, the City is the owner of certain real property located at 569-600 North High Street, commonly known as the 670 Cap; and
WHEREAS, the City has a ground lease at 569-600 North High Street to 670 Cap Partners, LTD since 2003; and
WHEREAS, the term of the current lease extension is set to expire on March 31, 2028; and
WHEREAS, the City has agreed to extend the second renewal option to 25 years and decrease the number of five year renewal options from eight to five; and
WHEREAS, the City and 670 Cap Partners, Ltd. have agreed to update the insurance terms; and
WHERAS, 670 Cap Partners, Ltd have agreed to update outdated references to Columbus City Code; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Finance and Management to authorize the Director of the Department of Finance and Management to enter into a Second Amendment to Lease Agreement by and between the City of Columbus and 670 Cap Partners, Ltd. necessary to extend the renewal term to allow business operations to continue uninterrupted and for the immediate preservation of the public health, peace, property, safety and welfare; now, therefore;
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Director of the Department of Finance and Management be, and hereby is, authorized to execute those documents necessary to enter into Second Amendment to Lease Agreement by and between the City of Columbus and 670 Cap Partners, Ltd. necessary to extend the renewal term and to establish the rental rates for the property located at 568-600 North High Street, commonly known as the 670 Cap.
Section 2. That the Director of the Department of Finance and Management be, and hereby is, authorized to execute those documents as prepared and approved by the Department of Law, Division of Real Estate, necessary to extend the renewal term, update insurance terms and City Code references for 670 Cap Partners, Ltd. at 568-600 North High Street.
Section 2. That for reasons stated in the preamble hereto, which is hereby made a part hereof, this ordinance is hereby declared an emergency measure and shall take effect and be in force from and after its passage and approval by the Mayor, or ten (10) days after passage if the Mayor neither approves nor vetoes the same.