Explanation
BACKGROUND: The need exists to amend Ordinance 1707-2013, passed by Columbus City Council on July 15, 2013, that authorized the Director of the Department of Development to enter into a Green Columbus Fund Program grant agreement with Preferred Real Estate Investments II LLC for Brownfield assessment and redevelopment of the site at 5005 Olentangy River Road. It also authorized the expenditure of up to $200,000 for that purpose.
The City and the original Grantee, Preferred Real Estate Investments II LLC, agree that it is now appropriate to designate Taylor House LLC as the entity responsible for carrying out the grant project. This ordinance changes the Grantee from Preferred Real Estate Investments II LLC to Taylor House LLC
FISCAL IMPACT: No funding is required for this legislation.
Title
To amend Ordinance 1707-2013, passed by Columbus City Council on July 15, 2013, for the purpose of changing the name of the Green Columbus Fund Program Grantee from Preferred Real Estate Investments II LLC to Taylor House LLC; and to declare an emergency.
Body
WHEREAS, Ordinance 1707-2013, passed by City Council on July 15, 2013, authorized a Green Columbus Fund grant agreement with Preferred Real Estate Investments II LLC for a Brownfield project at 5005 Olentangy River Road, Columbus, Ohio; and
WHEREAS, changed circumstances make it necessary to now designate Taylor House LLC as the Grantee responsible for carrying out the grant project; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to amend said ordinance to allow the Brownfield assessment and redevelopment work to begin without further delay, thereby preserving the public health, peace, property, safety, and welfare, now, therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That Ordinance 1707-2013, passed by Columbus City Council on July 15, 2013, is hereby amended for the purpose of changing the name of the Green Columbus Fund Program Grantee from Preferred Real Estate Investments II LLC to Taylor House LLC. This new designation of the Grantee for a Brownfield project pursuant to the Green Columbus Fund Program is the only change in the authorization made by Ordinance 1707-2013.
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 passage if the Mayor neither approves nor vetoes the same.