Explanation
BACKGROUND: The City of Columbus owns certain real property located at 769 -777 East Long Street, commonly known as the Lincoln Theater. The City desires to lease the Lincoln Theater for the on-going operation and maintenance as well as the renovation of the Lincoln Theater. The City, ("Lessor"), desires to enter into a lease agreement with the Lincoln Theater Association, an Ohio not-for-profit corporation, ("Lessee"). This legislation authorizes the Director of the Department of Development to execute those documents necessary to enter into a ninety-nine (99) year lease agreement for one dollar ($1) per year commencing January 1, 2007.
FISCAL IMPACT: $1.00 per year.
EMERGENCY JUSTIFICATION: Emergency action is requested to not delay the immediate
renovation of the Lincoln Theater.
Title
To authorize the Director of the Department of Development to enter into a lease agreement to lease city owned property at 769-777 East Long Street to the Lincoln Theater Association; and to declare an emergency.
Body
WHEREAS, the City of Columbus owns certain real property located 769 - 777 East Long Street, commonly known as the Lincoln Theater; and
WHEREAS, the City desires to lease the Theater to the Lessee for the on-going operations and maintenance of the facility; and
WHEREAS, the lessee will be responsible for the renovation of the Theater; 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 769 - 777 E. Long Street, all 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 ninety-nine (99) year lease agreement with the Lincoln Theater Association for the Lincoln Theater with an address of 769-777 East Long Street.
Section 2. The Lessee will make an annual lease payment of $1.00 per year to the City of Columbus commencing January 1, 2007.
Section 3. The Lessee will be responsible for the operations, maintenance and renovation of the facility.
Section 4. 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.