Explanation
Background: On July 22, 2003, County, City, and The Columbus Zoological Park Association, Inc. ("Zoo") entered into an Amended and Restated Lease Agreement, in order to restate, amend, and consolidate prior lease agreements and make certain other necessary changes to the zoo lease. The Amended and Restated Lease also extended the prior lease's term through December 31, 2023. The Zoo has requested the City and the County to extend the existing lease through December 31, 2037 in order to permit the Zoo to secure long-term bond financing for improvements to the property. The following ordinance authorizes the Executive Director of the Recreation and Parks Department to execute an Amended and Restated Lease Agreement, any ancillary documents by, among, and between the City, County, and the Zoo necessary to extend the term of the Prior Lease Agreements through December 31, 2037.
Fiscal Impact: N/A
Emergency Justification: Emergency action is requested to allow this project, which will benefit the City of Columbus, to proceed without delay.
Title
To authorize the Executive Director of the Recreation and Parks Department to execute an Amended and Restated Lease Agreement and any ancillary documents by, among and between the City, the Board of County Commissioners Franklin County, and the Columbus Zoo to extend the term of the Prior Lease Agreements through December 31, 2037 in order to permit the Zoo to secure long-term bond financing for improvements to the property and to declare an emergency.
Body
WHEREAS, on July 22, 2003, Franklin County, the City, and The Columbus Zoological Park Association, Inc. ("Zoo") entered into an Amended and Restated Lease Agreement, in order to restate, amend, and consolidate prior lease agreements and make certain other necessary changes to the zoo lease; and
WHEREAS, these actions where taken with the intention of allowing the Columbus Zoological Park Association to refinance its bo...
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