Explanation
Background:
This ordinance will authorize the Director of Recreation and Parks to enter into a Real Estate Purchase Option Agreement and License with Columbus Urban Growth Corporation for the property known as Gowdy Field.
Ordinance 0175-2005, passed by Columbus City Council February 5, 2005, authorized an agreement with Columbus Urban Growth Corporation to enter onto Gowdy Field for the purpose of obtaining preliminary information for development and sale of the property.
The above work has been completed and Columbus Urban Growth is prepared to proceed with the sale and development of the site but the City must enter into the Real Estate Purchase and Option Agreement to allow this.
Terms of the agreement include:
*The option to purchase shall be exercised on or before March 31, 2008.
*The purchase price shall be $25,654.18 per acre sold. It is anticipated that 19.49 acres will sold for a total of $500,000.
*Funds shall be deposited in Fund 747, Project 510747, OAC 640862.
*The agreement contemplates the future creation of a TIF Public Infrastructure District to pay for the construction of certain public infrastructure improvements necessary for site developement. In addition $500,000 of the TIF Proceeds is to be allocated for parkland improvements.
Fiscal Impact: N/A
Title
To authorize the Director of Recreation and Parks to enter into a Real Estate Purchase Option Agreement and License with Columbus Urban Growth Corporation for the property known as Gowdy Field.
Body
WHEREAS, the City desires to promote economic development by creating jobs and employment opportunities and improving the economic welfare of the people of the City by developing a portion of Gowdy Field with commercial development; and
WHEREAS, Columbus Urban Growth Corporation ("CUGC") is in the process of negotiating with commercial entities for the development of Gowdy Field and needs to acquire Gowdy Field from the City for resale to these entities as part of its development plan; and
WHEREAS, CUGC has proposed that the City enter into a Real Estate Purchase Option Agreement and License whereby the City would receive $25,654.18 for each acre sold by CUGC; and
WHEREAS, funds received for the sale of the property, along with all TIF proceeds allocated for parkland improvements, shall be used to acquire additional parkland, and develop parks and trails along the Olentangy River and within the Harrison West Community.
WHEREAS, it is in the best interest of the City to enter into the Real Estate Purchase Option Agreement and License with CUGC in order to facilitate the proposed commercial development of Gowdy Field; now, therefore
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS;
Section 1. That the Executive Director of Recreation and Parks is authorized to enter into a Real Estate Purchase Option Agreement and License with Columbus Urban Growth Corporation , in substantially the form attached hereto, for the property known as Gowdy Field.
Section 2. That this ordinance shall take effect and be in force from and after the earliest period allowed by law.