Explanation
Background: This legislation authorizes the Director of the Department of Development, or authorized designee to execute those documents necessary to enter into a lease agreement by and between the City of Columbus and the Regional Council of Governments for the Central Ohio Area Agency on Aging (“COG-COAAA”) for the city-owned property located at 3776 South High Street, Columbus, Ohio for a term of 8 years.
The operations of Area Agency on Aging Region 6 known as the Central Ohio Area Agency on Aging (“COAAA”) is to transition from operating as a division of the Recreation and Parks Department to a stand-alone Regional Council of Governments. This move requires the City to enter into lease agreements for the property at 3776 South High Street, Columbus, Ohio, which has been home to COAAA since purchased in 2015.
Fiscal Impact: The City will receive a total of $1,116,740.33, in monthly installments, for the term of the lease, which is equal to the amount necessary to satisfy the associated existing bond debt and will be deposited in the Debt Retirement Fund 4430-443001.
Title
To authorize the Director of the Department of Development, or authorized designee, to execute those documents necessary to enter into a Lease Agreement for an 8-year term between the City of Columbus and the Regional Council of Governments for the Central Ohio Area Agency on Aging for city-owned property located at 3776 South High Street, Columbus, Ohio; and to waive provisions of the Columbus City Codes Chapter 328 pertaining to the sale of city-owned realty. ($0.00)
Body
WHEREAS, the City is the owner of certain real property located on at 3776 South High Street, Columbus, Ohio; and
WHEREAS, COAAA is to transition from operating as a division of the Recreation and Parks Department to a stand-alone Regional Council of Governments; and
WHEREAS, COAAA has occupied 3776 South High Street since the City purchased the real estate in 2015 and the City wishes to allow COG-COAAA to continue occupying the building, now as a Tenant; and
WHEREAS, it is necessary to enter into a lease with COG-COAAA for a period of eight (8) years in which their rental payments shall be applied, and eventually satisfy, the associated remaining bond debt; and
WHEREAS, at such time as the lease term expires and the bond debt has been satisfied, the real estate will be transferred to COG-COAAA at a sale price of $1.00; and
WHEREAS, after investigation by the City, it has been determined that the lease shall not adversely affect City operations of the Department of Recreation and Parks and the Recreation and Parks Commission so concurs; and
WHEREAS, it is necessary in the usual daily operation of the Department of Development to authorize the Director, or authorized designee, to execute, on behalf of the City, those documents necessary to enter into a lease agreement with the COG-COAAA for city-owned property located at 3776 South High Street, Columbus, Ohio; NOW, THEREFORE;
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Director of the Department of Development, or authorized designee be, and hereby is, authorized to execute those documents, as approved by the Department of Law, Division of Real Estate, necessary to enter into a lease agreement by and between the City of Columbus and the Regional Council of Governments for the Central Ohio Area Agency on Aging for the lease of city-owned property located at 3776 South High Street, Columbus, Ohio for a term of 8 years with the property transferring to COG-COAAA upon the lease expiration, for $1.00.
Section 2. That the terms and conditions of the Lease Agreement shall be in a form approved by the Department of Law, Division of Real Estate.
SECTION 3. That this Council finds it in the City’s best interest to waive provisions of Columbus City Codes Chapter 328 pertaining to the sale of city-owned realty.
Section 4. That this ordinance shall take effect and be in force from and after the earliest period allowed by law.