Explanation
BACKGROUND: The Columbus Urban Growth Corporation was organized to increase the commercial and industrial development activities and investment in the core city. The West Edge Business Center is one of Urban Growth's core redevelopment projects. Most of West Edge is complete, with a few parcels remaining to be redeveloped. Columbus Urban Growth is slated to cease operations in the near future and needs release of certain mortgages on already sold property or property to be sold in the West Edge Business Center. The City of Columbus has liens on certain parcels at West Edge as a result of an Urban Site Acquisition Loan (USAL) used to purchase the property. One of the remaining parcels is currently in contract for sale. The City of Columbus needs to release the lien and the financing statement on this parcel in order to allow the sale of the property to be completed. Any remaining unsold property at the West Edge Business Center will be deeded to the City of Columbus for future development.
This legislation authorizes the Director of the Department of Development to release the City's mortgage and financing statement recorded as instrument # 200009190189630 and instrument # 200104190083403 and instrument # 200105310120771, and instrument # 200110220242132, respectively, in the Franklin County Recorder's Office, on tax parcels at the West Edge Business Center.
Emergency action is requested to allow the release of the mortgage at the West Edge Business Center in a timely manner.
FISCAL IMPACT: No funding is necessary for this legislation.
Title
To authorize the Director of the Department of Development to release the City of Columbus mortgages and financing statements on all remaining parcels located at the West Edge Business Center; and to declare an emergency.
Body
WHEREAS, the City of Columbus holds a mortgage on the unsold property at West Edge Business Center; and
WHEREAS, parcels were previously sold by the Columbus Urban Growth Corporation, but the mortgage was never released; and
WHEREAS, an additional parcel is being sold and the mortgage needs to be released; and
WHEREAS, any remaining unsold property at the West Edge Business Center will be deeded to the City of Columbus for future development; and
WHEREAS, emergency action is necessary to allow the release of the mortgage on the property at the West Edge Business Center in a timely manner; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to release the mortgage on property at the West Edge Business Center all for the preservation of the public health, peace, property, safety and welfare; NOW THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Director of the Department of Development is authorized to execute release of the City of Columbus mortgage and financing statement, recorded in the Franklin County Recorder's Office, as instrument #200009190189630 and instrument #200104190083403 and instrument #200105310120771, and instrument #200110220242132, at the West Edge Business Center.
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 passage and approval by the Mayor, or ten days after passage if the Mayor neither approves nor vetoes the same.