Explanation
The Franklin County Convention Facilities Authority (FCCFA) has requested the city's consent pursuant to Section 9.04 of the lease and sublease between the City and FCCFA to proceed with their issuance of parking garage improvement revenue bonds. These bonds will be used by the FCCFA to expand the Vine Street Parking Garage and such bonds will be payable solely from the revenues of the Vine Street Parking Garage, as expanded.
The FCCFA has been working with Franklin County Treasurer's office to provide a cost effective financing plan for the $16 million expansion of the Vine Street Parking Garage. This garage is adjacent to the Hilton Columbus Downtown Hotel and will provide parking for the hotel and a new office development planned by Nationwide Reality Investors.
To facilitate the issuance of this debt with the County Treasurer, the FCCFA needs to receive the city's consent for this bond issuance. There is no financial impact to City of Columbus.
Title
To consent to the issuance of parking garage improvement revenue bonds by The Franklin County Convention Facilities Authority; and to declare an emergency.
Body
WHEREAS, the City of Columbus, Ohio (the "City") has entered into a Lease Agreement dated as of June 1, 1990 (as the same has been amended and supplemented from time to time, the "1990 Lease") from The Franklin County Convention Facilities Authority (the "FCCFA"), as lessor, to the County of Franklin, Ohio (the "County") and the City, as lessees and tenants in common, with respect to the convention facility known as "The Greater Columbus Convention Center" (the "Convention Center Facility") which includes a parking garage located on Vine Street (the "Vine Street Garage"), and (b) a Sub-Lease Agreement dated as of June 1, 1990 (as the same has been amended and supplemented from time to time, the "1990 Sub-Lease") from the County and the City, as lessors, to the FCCFA, as lessee, with respect to the Convention Center Facility; and
WHEREAS, the FCCFA proposes to expand the Vine Street Garage (the "2011 Parking Garage Project") and to finance a portion of the cost of the 2011 Parking Garage Project by issuing presently estimated not to exceed $16,000,000 of parking garage improvement revenue bonds of the FCCFA in one or more series (the "2011 Bonds") pursuant to Ohio Revised Code Chapter 351, all of which will benefit the FCCFA, the County, the City and their respective citizens and taxpayers; and
WHEREAS, the Series 2011 Bonds will be payable solely from the revenues of the Vine Street Garage as improved by the 2011 Parking Garage Project; and
WHEREAS, Section 9.04 of the 1990 Lease and Section 9.03 of the 1990 Sub-Lease require the consent of the City and the County prior to the issuance of notes, bonds or other obligations of the FCCFA so long as the 1990 Lease and 1990 Sub-Lease are in effect, and this Council desires to authorize such consent and supporting documents with respect to the 2011 Bonds; and
WHEREAS, an emergency exists in the Department of Finance and Management in that the timely issuance of the 2011 Bonds will allow the 2011 Parking Garage Project to proceed as quickly as possible and allow the FCCFA to take advantage of favorable market conditions in issuing the 2011 Bonds, all of which will result in savings which will inure to the benefit of the City, its taxpayers and its citizens and therefore, the passage of this ordinance is necessary for the public peace, property, health and safety; Now, Therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS, OHIO:
SECTION 1. That the City hereby gives its consent to the issuance of the 2011 Bonds by the FCCFA as required by Section 9.04 of the 1990 Lease and Section 9.03 of the 1990 Sub-Lease. The Mayor and Director of Finance and Management, and either of them acting singly, are hereby authorized to execute and deliver such documents evidencing such consent and supporting the 2011 Parking Garage Project and the issuance of the 2011 Bonds as shall be approved by the City Attorney and the officer executing the same, such execution to conclusively evidence such approvals.
SECTION 2. That it is found and determined that all formal actions of this Council concerning and relating to the passage of this ordinance were passed in an open meeting of this Council, and that all deliberations of this Council and of any of its committees that resulted in such formal action, were in meetings open to the public, in compliance with the law, including Section 121.22 of the Ohio Revised Code.
SECTION 3. 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 passage if the Mayor neither approves nor vetoes the same.