Explanation
BACKGROUND: This ordinance authorizes the City to enter into a Lease Agreement and Supplemental Lease Agreement with The RiverSouth Authority in connection with the initial redevelopment and revitalization of the RiverSouth District and the surrounding area, and authorizes the Director of the Department of Development to execute the Lease Agreement and Supplemental Lease Agreement, and declares an emergency.
This legislation is being submitted as an emergency in order to meet the immediate need for establishing a financing mechanism.
FISCAL IMPACT: No funding is required for this legislation until 2007. Commencing in 2007 and thereafter, the City will need to budget for payments under the Lease and First Supplemental Lease which will be the source of annual debt service payments through 2024 on The RiverSouth Authority's initial 2004 bond issue that will finance final acquisition of the Federated properties and commence revitalization of the RiverSouth Area.
Title
To authorize the City to enter into a Lease Agreement and Supplemental Lease Agreement with The RiverSouth Authority in connection with and supporting redevelopment and revitalization of the RiverSouth District and surrounding area; to authorize the Director of Development to execute the Lease Agreement and Supplemental Lease Agreement; and to declare an emergency.
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 redevelopment and revitalization of that certain area situated within the corporate limits of the City, being generally the area of the City's downtown depicted on Exhibit A attached hereto and surrounding areas (the "RiverSouth Area"); and
WHEREAS, to further the redevelopment of the RiverSouth Area the Columbus Downtown Development Corporation ("CDDC") initiated 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
Whereas, pursuant to Chapter 349 of the Revised Code, City Council has approved the creation of Authority to further the redevelopment and revitalization of the RiverSouth Area; and
WHEREAS, the Authority has acquired certain parcels of real property located within the RiverSouth Area (collectively, the "Property"); and
WHEREAS, the Authority desires to redevelop and revitalize the Property by constructing, enlarging, improving or equipping, or causing the construction, enlargement, improvement or equipping of, property and facilities for use or development for industry, commerce, housing, distribution or research ("Redevelopment"); and
WHEREAS, in order to facilitate the Redevelopment, the City desires to enter into a Lease Agreement ("Lease Agreement") and Supplemental Lease Agreement ("Supplemental Lease Agreement") with the Authority to provide for the financing of certain improvements in the RiverSouth Area; and
WHEREAS, an emergency exists in that these agreements must be approved as soon as possible to meet the immediate need to establish a financing mechanism, to facilitate the revitalization of the City's Downtown and to create and preserve jobs and employment opportunities, all for the immediate preservation of the public health, property, safety and welfare; Now, Therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Lease Agreement and Supplemental Lease Agreement by and between the City and the Authority, in the form presently on file with the Clerk of Council, providing for, among other things, the financing and construction of certain improvements in the RiverSouth Area, is hereby approved and authorized, with changes therein not inconsistent with this Ordinance and approved by the Director of Development. The character of the changes as not being inconsistent with this Ordinance or substantially adverse to the City and the approval of such changes by the Director of Development of changes shall be rendered conclusively established by the execution thereof.
Section 2. That the Director of Development, for and in the name of the City, is hereby authorized and directed to execute the Lease Agreement and Supplemental Lease Agreement. The City Auditor and other appropriate officials of the City are hereby authorized to execute other instruments and to take any other actions as may be appropriate to implement the Lease and this Ordinance.
Section 3. 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 4. That for the reasons stated in the preamble hereto, which is hereby made a part hereof, this Ordinance is 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 this Ordinance.