Explanation
1. BACKGROUND
The purpose of this ordinance is to authorize the Director of Public Service to execute documents to allow the City to (1) transfer title to certain real property that are currently rights of way (the “Property”) to White Castle Management Co., a Delaware corporation (“White Castle”), (2) to accept title of the Property back from White Castle, and then (3) to transfer the Property back to White Castle.
White Castle desires to redevelop its real property located at 555 W. Goodale Street, in Columbus.
The City, pursuant to ordinance number 1602-2017, entered into an Economic Development Agreement with White Castle (the “EDA”) and established a tax increment financing (“TIF”) area in accordance with Ohio Revised Code Section 5709.41 and pursuant to Ordinance 1841-2017 in order to facilitate the mixed-use development that includes the new headquarters for White Castle.
Per the terms of the EDA, the City committed to transfer the Property to support the redevelopment of the site by White Castle and its affiliates without additional compensation to the City. Following the transfers of the Property the City and White Castle intend for the TIF to be amended by separate legislation to include the Property.
2. FISCAL IMPACT
There is no expenditure of City funds associated with the transfer of the Property.
3. EMERGENCY JUSTIFICATION
Emergency legislation is requested to allow for the immediate acceptance and transfer of the Property, which is necessary to maintain the project schedule and to coincide with the established redevelopment timeline.
Title
To authorize and direct the Director of Public Service to transfer certain right of way to White Castle Management Co.; to accept title back from White Castle; to authorize transfer back to White Castle; and to declare an emergency. ($0.00)
Body
WHEREAS, the City is committed to encouraging the redevelopment of existing real property within the City limits; and
WHEREAS, White Castle desires to redevelop several of its properties located in the general vicinity of 555 W. Goodale Street, in Columbus; and
WHEREAS, the City, pursuant to Ordinance 1602-2017, entered into an Economic Development Agreement with White Castle (the “EDA”) and established a tax increment financing (“TIF”) area in accordance with Ohio Revised Code Section 5709.41 and pursuant to Ordinance 1841-2017 in order to facilitate the mixed-use development that includes the new headquarters for White Castle; and
WHEREAS, in consideration of the obligations of White Castle set forth in the EDA, the City desires to transfer the Property to White Castle, to accept title of the Property back from White Castle, and then to transfer the Property back to White Castle; and
WHEREAS, following the transfers of the Property, the City and White Castle intend for the TIF to be amended by separate legislation which will include the Property; and
WHEREAS, an emergency exists in the usual daily operations of the Department of Public Service in that it is immediately necessary to complete these transfers in a timely manner in order to maintain the project schedule, for the 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 Public Service (the “Director”) is authorized and directed to execute such quit claim deeds, as approved by the Real Estate Division of the Department of Law, reserving therein easement rights for existing City owned utilities, and all additional documents as may be necessary, and to take any other required action, to transfer title of the City-owned right-of-way (the “Property”) as described in the legal descriptions attached as Exhibit A hereto, to White Castle Management Co., and to immediately accept transfer, pursuant to Section 2 herein, of the Property back to the City.
SECTION 2. That the Director of Public Service is hereby authorized and directed to accept, on behalf of the City, quit claim deeds granting fee title to the City of the Property from White Castle, as the City is engaged in urban redevelopment in accordance with the EDA, and to then immediately transfer, pursuant to Section 3 herein, the Property back to White Castle.
SECTION 3. That the Director of Public Service is authorized and directed to execute such quit claim deeds, as approved by the Real Estate Division of the Department of Law, reserving therein easement rights for existing City owned utilities, and all additional documents as may be necessary, and to take any other required action, to transfer title of the Property to White Castle.
SECTION 4. That each of the transfers in Sections 1, 2, and 3 herein shall be made for no monetary consideration.
SECTION 5. That for 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 passage and approval by the Mayor or ten days after passage if the Mayor neither approves nor vetoes the same.