Explanation
BACKGROUND: The City owns real properties located at 4850 West Powell Road, Powell, Ohio 43065, Delaware County, Ohio (“Property”), commonly known as the Columbus Zoo and Aquarium (“Zoo”), which is managed by the Department of Development (“Development”) and leased to the Zoo. The Franklin County Board of Commissioners, City of Columbus, Ohio, and The Columbus Zoological Park Association, Inc. (the “Parties”) entered into an Amended and Restated Lease Agreement on July 22, 2003, which was subsequently amended on May 22, 2007, again on August 21, 2007 and lastly on February 9, 2010 (“Lease Agreement”). The Columbus Zoological Park Association, Inc. has plans to further develop the property with an aquarium, hotel, and other improvements and potentially secure long-term bond financing for these improvements to the property. In order to perform such work, it is necessary and desirable to enter into a Fourth Amendment to the Amended and Restated Lease Agreement to extend the lease term through September 30, 2067, and make other necessary adjustments to the Lease Agreement and declare an emergency.
CONTRACT COMPLIANCE: Not applicable.
FISCAL IMPACT: Not applicable.
EMERGENCY JUSTIFICATION: Emergency action is requested to allow for the timely granting of the lease amendment and allow the Zoo to commence their plans to develop the property with additional improvements and potentially secure long-term bond financing at the earliest possible time which will preserve the public peace, health, property, safety and welfare.
Title
To authorize the Director of the Department of Development, or an authorized assignee, to execute and acknowledge a Fourth Amendment to the Amended and Restated Lease Agreement with the Franklin County Board of Commissioners necessary to grant the Zoo an extension to the term of the lease agreement for the City’s real property located at 4850 West Powell Road, Powell, Ohio 43065; and to declare an emergency. ($0.00)
Body
WHEREAS, the Columbus Zoo and Aquarium (“Zoo”), is currently planning to further develop the property with an aquarium, hotel, and other improvements and potentially secure long-term bond financing; and
WHEREAS, the term of the existing lease agreement expires on December 31, 2037; and
WHEREAS, in order to accommodate these new improvements and potentially secure long-term bond financing it is necessary to extend the term of the lease to September 30, 2067 and make other necessary adjustments to the Lease Agreement; and
WHEREAS, the Department of Development (“Development”) reviewed the requests and supports amending the Lease Agreement; and
WHEREAS, the City intends to grant the Fourth Amendment to the Amended and Restated Lease Agreement for the City property located at 4850 West Powell Road, Powell, Ohio 43065 (“Property”), in order to allow for the construction of an aquarium, hotel, and other improvements on the Property; and
WHEREAS, an emergency exists in the usual daily operations of the Department of Development in that it is immediately necessary to authorize the Director to execute and acknowledge the Fourth Amendment to the Amended and Restated Lease Agreement in order to prevent unnecessary delay in completing the projects and allow the Zoo to commence their plans to develop the property with additional improvements and potentially secure long-term bond financing at the earliest possible time, all for the immediate preservation of the public peace, property, health, welfare, and safety; and now, therefore:
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS, OHIO:
SECTION 1. That the Director of the Department of Development (“Development”), or an authorized assignee be, and hereby is, authorized to execute and acknowledge the Fourth Amendment to the Amended and Restated Lease Agreement with the Franklin County Board of Commissioners for property located at 4850 West Powell Road, Powell, Ohio 43065 that shall extend the term and make other necessary adjustments to the Lease Agreement allowing for the construction of an aquarium, hotel, and other improvements and potentially secure long-term bond financing for these improvements.
SECTION 2. That the City Attorney is required to preapprove all document(s) executed by the City pursuant to this ordinance.
SECTION 3. That this ordinance, for the reasons stated in the preamble, which are made a part of this ordinance and fully incorporated for reference as if rewritten, is declared to be an emergency measure and shall take effect and be in force from and after this ordinance’s adoption and approval by the Mayor or ten (10) days after its adoption if the Mayor neither approves nor vetoes this ordinance.