Explanation
BACKGROUND: The City of Columbus owns certain real property located at 771 E. Long Street, commonly known as the Lincoln Theater. The City desires to rent certain portions (retail bays) of the Lincoln Theater to various businesses and private citizens in order to generate income to offset a portion of the cost of the daily operation of the facility and to serve as a stimulus in the redevelopment of King-Lincoln community. The City, ("Lessor"), desires to enter into a lease agreement with Talle Bomazi, ("Lessee"), for the lease of approximately 950 square feet of retail space at the Lincoln Theater known as 777 E. Long Street, for the operation of an art gallery. The following legislation authorizes the Director of the Department of Development to execute those documents necessary to enter into a one (1) year lease agreement, with the Lessee having the option to extend the lease for one additional one-year period.
FISCAL IMPACT: No funding is required for this ordinance. Renting the retail bay will provide a revenue stream for the City of Columbus to assist in offsetting a portion of the operation and maintenance expenses of this City owned facility.
EMERGENCY JUSTIFICATION: Emergency action is requested to not delay the immediate renting of certain portion of the Lincoln Theater and subsequent financial benefit to the City.
Title
To authorize the Director of the Department of Development to execute those documents necessary to enter into a one (1) year lease between the City of Columbus and Talle Bomazi for the lease of approximately 950 square feet of retail space in the Lincoln Theater; and to declare an emergency.
Body
WHEREAS, the City of Columbus owns certain real property located 771 E. Long Street, commonly known as the Lincoln Theater; and
WHEREAS, the City desires to rent a retail bay fronting on Long Street with an address of 777 E. Long Street; and
WHEREAS, an emergency exists in the usual daily operation of the City of Columbus, in that it is immediately necessary to authorize the Director of the Department of Development, to execute a proposed lease agreement for 777 E. Long Street (retail bay) for the immediate preservation of the public health, peace, property and safety, now, therefore:
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Director of the Department of Development is hereby authorized to execute those documents, as approved by the Department of Law, Real Estate Division, necessary to enter into a one year lease agreement with Talle Bomazi, for a retail bay in the Lincoln Theater with an address of 777 E. Long Street.
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 approval by the Mayor, or ten days after passage if the Mayor neither approve nor vetoes the same.