Explanation
BACKGROUND:
At the request of the City, Capitol South Community Urban Redevelopment Corporation has accumulated ground rents that would otherwise be payable to the City with a view to the making of a grant to the Seneca Hotel Housing Project that would enable the same to proceed. The grant proceeds, together with grant proceeds from a Clean Ohio Assistance Fund Grant, are sufficient to defray most of the cost of abating and remediating asbestos containing materials in the building. Without such grants, the Seneca Hotel Housing Project could not proceed. This legislation authorizes and requests that Capitol South (a) segregate $1,150,000 from ground rents that would otherwise be payable to the City, (b) deposit and hold the same in Capitol South's Downtown Housing Incentive Fund and (c) use the same for the sole purpose of making a grant to the developer of the Seneca Hotel Housing Project.
FISCAL IMPACT:
No funding is required for this legislation.
Title
To authorize and request that Capitol South Community Urban Redevelopment Corporation make a grant of $1,150,000 to Campus-Seneca Management, Inc. from accumulated ground rents that are payable to the City for the abatement and remediation of asbestos containing materials for the Seneca Hotel Housing Project.
Body
WHEREAS, Capitol South Community Urban Redevelopment Corporation has accumulated ground rents that would otherwise be payable to the City with a view to the making of a grant to the Seneca Hotel Housing Project; and
WHEREAS, such grant, together with grant proceeds from a Clean Ohio Assistance Fund Grant, are sufficient to defray most of the cost of abating and remediating asbestos containing materials in the building; and
WHEREAS, the Seneca Hotel Housing Project can not proceed without such grants; and
WHEREAS, the presence of asbestos containing materials and other circumstances have frustrated the restoration and redevelopment of the Seneca Hotel for over 20 years and, unless prompt action is taken, continued deterioration will place this important community landmark in serious peril; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That Capitol South Community Urban Redevelopment Corporation be and is hereby authorized and requested to perform the following acts: (a) segregate $1,150,000 from ground rents that would otherwise be payable by Capitol South to the City under and in accordance with the Operative Agreement by and between the June 30, 2001 Operative Agreement by and between the City and Capitol South (the "Operative Agreement"); (b) deposit and hold the same in Capitol South's Downtown Housing Incentive Fund for the sole purpose of making a grant benefiting the Seneca Hotel Housing Project; and (c) make a grant to Campus-Seneca Management, Inc., the developer of the Seneca Hotel Housing Project, on such terms and conditions and with such safeguards as Capitol South shall deem appropriate.
Section 2. That in the event any of such grant funds shall remain undisbursed after the full performance or expiration of Capitol South's obligations under any applicable grant agreement, then such undisbursed grant funds shall again be deemed ground rents payable by Capitol South to the City and Capitol South shall promptly remit the same to the City.
Section 3. That the Director of Finance and Management be and hereby is authorized to execute any and all documents and instruments required or helpful to effect the intent of this Ordinance.
Section 4. That this ordinance shall take effect and be in force from and after the earliest period allowed by law.