Explanation
Background: Since 2001 the Columbus Urban Growth Corporation has purchased 42 acres and developed the former Sullivant Gardens site as the West Edge Business Center. Currently, four large organizations have built facilities and located their respective operations on the site. Negotiations are continuing for development of the final 12 acres. In August 2003 construction started on the realignment of the Mound and Souder intersection and construction of new curbs and sidewalks along the northern and eastern edges of the Center and along the main entrance into the site. In September 2003 the opportunity arose to purchase an additional 5.244 undeveloped acres on the east side of Harmon Avenue directly east of West Edge. Given the success of West Edge and the completion of the Franklinton Floodwall, which will ease construction standards, Columbus Urban Growth Corporation (CUGC) purchased the property. In anticipation of future expansion and development of the West Edge Business Center, referred to as West Edge 2, and the need for additional right-of-way for the widening of Harmon Avenue from Buchanan Street to Greenlawn Avenue the City is purchasing the 5.244 acres and is agreeing to hold the property in the City's Land Bank until such time that a development project is identified.
Fiscal Impact: $200,000 from the Special Income Tax Fund. This legislation authorizes the appropriation, transfer and the expenditure of funds.
Emergency Justification: Emergency action is requested in order to meet the purchase contract deadlines for closing on the transaction.
Title
To authorize the Director of the Department of Development to enter into real estate purchase agreements and to execute those documents necessary to purchase certain real property along Harmon Avenue for the future expansion of West Edge Business Center and widening of Harmon Avenue; to authorize the appropriation and transfer of $200,000 from the Special Income Tax Fund to the Northland and Other Acquisition Fund; to authorize the expenditure of $200,000; and to declare an emergency. ($200,000)
Body
WHEREAS, In 2001, Columbus Urban Growth Corporation commenced redevelopment of the former site of Sullivant Gardens public housing, bounded by Mound Street on the north, Harmon Avenue on the east, Renick Street on the south and Mt Calvary Avenue on the west, as the West Edge Business Center; and
WHEREAS, the construction of right-of-way improvements to the Mound and Souder intersection and construction of sidewalks and curbs on the northern and eastern perimeter of West Edge and construction of sidewalks and curbs on the interior entranceway to the site is underway; and
WHEREAS, the West Edge Business Center has successfully attracted large entities to construct on and occupy sites within the Business Center; and
WHEREAS, the completion of the Franklinton Floodwall will relax construction codes so that undertaking new developments are more cost attractive; and
WHEREAS, the recently completed public improvements to Greenlawn Avenue is contributing to increased traffic flow to and from West Edge presenting a need to acquire right-of-way to widen Harmon Avenue; and
WHEREAS, Columbus Urban Growth Corporation acted on the opportunity to purchase 5.244 acres directly east of West Edge on the east side of Harmon Avenue and more fully described on the attached map; and
WHEREAS, the Department of Development has agreed to purchase the 5.244 acres and place it in the City's Land Bank to hold for future expansion, development and right-of-way needs; and
WHEREAS, an emergency exists in the daily operation of the Department of Development, in that it is immediately necessary to authorize the Development Director to enter into real estate purchase agreements and to execute those documents necessary to purchase 5.244 acres known as West Edge 2 in order to meet the deadlines for closing under the Agreement for Purchase of the West Edge 2 Properties, now therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Director of the Department of Development be authorized to enter into real estate purchase agreements for Two Hundred Thousand Dollars ($200,000.00) and to execute those documents necessary to purchase 5.244 acres of real property on the east side of Harmon Avenue directly east of the West Edge Business Center from the Columbus Urban Growth Corporation.
Section 2. That the Department of Development has agreed to hold the property in its Land Bank until such time that a development project is identified.
Section 3. That for the purpose stated in Section 1, the sum of $200,000 is hereby appropriated from the unappropriated balance of the Special Income Tax Fund No. 430, and from all monies estimated to come into said fund from any and all sources and unappropriated for any other purpose during the fiscal year ending December 31, 2004, to the City Auditor, Dept./Div. No. 22-01, Object Level One 10, OCA Code 902023, Object Level Three, 5502.
Section 4. That the City Auditor is hereby authorized to transfer said funds to the Northland and Other Acquisition Fund No. 735, Project No. 441739, at such time as is deemed necessary by the City Auditor.
Section 5. That the sum of $200,000.00 is hereby authorized to be appropriated and expended from the Northland and Other Acquisition Fund 735, Development, Department No. 44-01, Object Level One 6601, OCA Code 441739, Project No. 441739.
Section 6. That upon obtaining other funds for the West Edge 2 Project No. 441739, the City Auditor is hereby authorized to repay the Special Income Tax Fund the amount transferred under Section 1 above, and said funds are hereby deemed appropriated for such purpose.
Section 7. That the City intends that this ordinance constitute an "official intent" for purposes of Section 1.150-2(e) of the Treasury Regulations promulgated pursuant to the Internal Revenue Code of 1986, as amended.
Section 8. That funds necessary to carry out the purpose of this Ordinance are hereby deemed appropriated.
Section 9. 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 passage and approval by the Mayor or ten days after its passage if the Mayor neither approves nor vetoes the same.