Explanation
BACKGROUND: In June 2004, in response to a petition from Columbus Downtown Development Corporation ("CDDC"), this Council approved the creation of The RiverSouth Authority (the "Authority"). The Authority then entered into a Master Lease Agreement and a First Supplemental Lease Agreement with the City in support of the Authority's issuance of $37,870,000 of RiverSouth Area Redevelopment Bonds, 2004 Series A (the "2004 Series A Bonds") to pay costs of CDDC's acquisition of the former Lazarus properties and redevelopment initiatives in and for the area of Downtown Columbus generally known as the "RiverSouth Area". Under that First Supplemental Lease, City Council approval is required for the Authority's release of the $10,000,000 of the proceeds of the 2004 Series A Bonds currently held in the RiverSouth Area Redevelopment Project Fund (the "Project Fund"). This ordinance authorizes the release of $4,625,000 out of the $10,000,000, i.e., $3,875,000 to pay the costs of CDDC's acquisition of three parcels of real property in the RiverSouth Area and $750,000 to pay CDDC's costs for the preliminary engineering and planning for the initial development of certain portions of the RiverSouth Area, including development of two blocks of former Lazarus land in the RiverSouth Area for residential and mixed use, development of adjacent portions of Wall Street as a mews street, development of a median park in Front Street throughout the RiverSouth Area, development of the vacated portions of Walnut Street now in the two blocks of land, and development of adjacent parcels being acquired by CDDC.
FISCAL IMPACT: No funding is required for the legislation.
Title
To authorize the release of $4,625,000 out of $10,000,000 of 2004 Series A Bond proceeds currently held in the Project Fund in support of Columbus Downtown Development Corporation's land acquisitions and preliminary engineering and planning for the initial development of certain portions of the RiverSouth Area.
Body
WHEREAS, in order to create or preserve jobs and employment opportunities and to improve the economic welfare of the people of the City of Columbus, Ohio (the "City"), this Council desires to provide for the continued redevelopment and revitalization of that certain area situated within the corporate limits of the City, being generally the area of the City's downtown and surrounding areas known as the "RiverSouth Area"; and
WHEREAS, to further the redevelopment and revitalization of the RiverSouth Area, Columbus Downtown Development Corporation ("CDDC") petitioned this Council for the creation of The RiverSouth Authority (the "Authority") as a new community authority pursuant to Chapter 349 of the Ohio Revised Code (the "Revised Code"), and by adoption of its Resolution No. 1007-2004 on June 21, 2004, this Council approved the creation of the Authority; and
WHEREAS, pursuant to Ordinance No. 1009-2004 passed by this Council on June 21, 2004, the City then entered into a Master Lease Agreement and a First Supplemental Lease Agreement (the "First Supplemental Lease") with the Authority in support of the Authority's issuance of $37,870,000 of RiverSouth Area Redevelopment Bonds, 2004 Series A, to pay costs of CDDC's acquisition of redevelopment properties, and initiation of redevelopment, in and for the RiverSouth Area, with the First Supplemental Lease providing for City Council approval prior to release of any portion of the $10,000,000 of proceeds of the 2004 Series A Bonds currently held in the RiverSouth Area Redevelopment Project Fund (the "Project Fund"); and
WHEREAS, CDDC has requested that this Council approve the release of $4,625,000 out of the $10,000,000 of 2004 Series A Bond proceeds currently held in the Project Fund to pay costs of CDDC's land acquisitions, and preliminary engineering and planning for CDDC's initial developments, in the RiverSouth Area; and
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That pursuant to Section 2 of the First Supplemental Lease between the City and the Authority, this Council hereby authorizes the release of $4,625,000 out of $10,000,000 of 2004 Series A Bond proceeds currently held in the Project Fund to pay costs of Columbus Downtown Development Corporation's land acquisitions and preliminary engineering and planning for CDDC's initial developments in the RiverSouth Area. The Director of Development, for and in the name of the City, and other appropriate officials of the City, are hereby authorized to execute any documents or other instruments and to take any other actions as may be appropriate to implement this release for those purposes.
Section 2. That this Council finds and determines that all formal actions of this Council concerning and relating to the passage of this Ordinance were taken in an open meeting of this Council and that all deliberations of this Council and of any committees that resulted in formal actions were in meetings open to the public in compliance with the law.
Section 3. This Ordinance shall take effect and be in force from and after the earliest period allowed by law.