Explanation
Background: In 2004, as necessary to its Lane Avenue Improvement Project, the City removed a rooftop mounted advertising sign owned by Clear Channel Outdoor, Inc. ("CCO") from the northwest corner of High Street and Lane Avenue, which as a result terminated CCO's leasehold interest. The City owes CCO just compensation for the removal of the sign, including CCO's leasehold interest. Subsequently, the City purchased property on Spring Street for the North Banks Park on which CCO had a lease for a billboard. The settlement agreement provides that compensation due from the City for the Lane Avenue billboard and leasehold interest shall be satisfied by the City granting a five year lease to CCO for the billboard on the Spring Street property, at an increased rental payment, transferring a 0.5 acre tract of city owned land off of Hamilton Road and agreeing not to terminate CCO's existing billboard lease on the CSX owned property at the northwest corner of Vine and Neil in the event the City purchases the property for an odor control facility for the Division of Sewerage and Drainage. The following legislation authorizes the Director of the Department of Recreation and Parks Department to execute the necessary settlement agreement between the City and CCO.
Fiscal Impact: N/A
Emergency Justification: N/A
Title
To authorize the Director of the Department of Recreation and Parks to execute those documents necessary to enter into and carry out a settlement agreement between the City and Clear Channel Outdoor, Inc.; and to the extent they may be applicable, to waive the competitive bidding and Land Review Commission requirements of the Columbus City Codes (1959) Revised.
Body
WHEREAS, in 2004, as necessary to its Lane Avenue Improvement Project, the City removed a rooftop mounted advertising sign owned by Clear Channel Outdoor, Inc. ("CCO") from the northwest corner of High Street and Lane Avenue, which resulted in the termination of CCO's leasehold interest in the property; and
WHEREAS, the City owes CCO just compensation for the removal of the sign, including CCO's leasehold interest; and
WHEREAS, CCO, the Recreation and Parks Department and the City Attorney's Office have negotiated a proposed settlement related to the Lane Avenue billboard which will not require any expenditure of funds by the City by extending for a specified period of time leases on two billboards on the other City owned property and another billboard on property that may be purchased by the City, all in accordance with the Settlement Agreement attached hereto;
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Director of the Department of Recreation and Parks be and hereby is authorized the Settlement Agreement in substantially the form attached hereto;
Section 2. That this Council has determined that it is in the best interest of the City of Columbus to waive and does hereby waive the requirements of Columbus City Codes (1959) Revised, Chapter 328 (Land Review Commission) and Section 329.29 (competitive bidding) to the extent that they may apply to this transaction with regards to this ordinance only.
Section 3. That this ordinance shall take effect and be in force from and after the earliest period allowed by law.