Explanation
Background: The City has leased its property located at 333 West Broad Street since 1997 to the State of Ohio for use as the Center for Science and Industry (“hereinafter COSI”). COSI has been managed and operated by the Franklin County Historical Society since the inception of the museum. The lease is to expire on June 9, 2025. The tenant has given notice that they will be exercising their right to a 20-year renewal and the parties have agreed to enter into a new Lease Agreement to memorialize this extension and to update the lease format to present standards. With the bond payments having been fulfilled for the Museum’s construction, the tenancy will be directly with the Franklin County Historical Society and the State of Ohio will no longer be a party to the lease. This legislation authorizes the Director of Finance and Management to execute a Lease Agreement with the Franklin County Historical Society, a non-profit corporation, as Tenant, to replace the current lease effective through June 10, 2025 for a 20-year initial term, for COSI located at 333 West Broad Street, Columbus, Ohio, and to declare an emergency.
Fiscal Impact: The Lease Agreement will generate the same amount of annual rental income ($1.00) to the City as the previous lease with the rent proceeds to be deposited in the General Fund.
Emergency Action: This legislation is presented as emergency in order to have a new lease effective prior to the expiration of the existing lease on June 9, 2025 and COSI can continue their operations uninterrupted .
Title
To authorize the Director of Finance and Management to execute a Lease Agreement with the Franklin County Historical Society for the lease of space located at 333 West Broad Street, and to declare an emergency ($0.00).
Body
WHEREAS, the Department of Finance and Management, through its Real Estate Management Office, leases the City-owned property located at 333 West Broad Street to the Franklin County Historical Society as the site of the Center of Science and Industry (COSI); and
WHEREAS, the initial term of the lease is to expire on June 9, 2025 and the Tenant has given notice of their intent to exercise their 20-year renewal option; and
WHEREAS, the Parties have agreed that the original Lease is obsolete and the time is appropriate to use a new Lease Agreement; and
WHEREAS, the State bonds associated with the museum’s construction have been fulfilled making it unnecessary for the State of Ohio to be included as Tenant; and
WHEREAS, the Franklin County Historical Society is to be the Tenant commencing June 10, 2025; and
WHEREAS, an emergency exists in that it is necessary to authorize the Director of the Department of Finance and Management to execute an Amended and Restated Lease Agreement with the Franklin County Historical Society so that the continued operations of the Center of Science and Industry (COSI) at 333 West Broad Street can go uninterrupted as the current lease is to expire on June 9, 2025, and for the immediate preservation of the public health, peace, property, safety and welfare; and now, therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the Director of Finance and Management 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 with the Franklin County Historical Society for the continued operations of the Center of Science and Industry (COSI) at 333 West Broad Street, Columbus, Ohio 43215 by providing for a 20-year renewal term.
SECTION 2. That for the reason 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.