Explanation
Background: On January 29, 2003, the City purchased from the Columbus Urban Growth Corporation ("CUGC") 16.2 acres of the former Federated Department Stores property at the Northland Mall for $2.62 million. At the time of purchase, an Agreement for Purchase & Sale between CUGC and Northland Associates LLC for 10.887 acres of former Federated property, including the former department store building, the "Lazarus Site", was assigned and assumed by the City of Columbus. The purchase by Northland Associates LLC was contingent on obtaining a tenant for the building. Since the purchase by the City, CUGC and Northland Associates LLC have negotiated a lease with Retail Ventures, Inc. for the Lazarus Site for its principal corporate offices. As a result of the negotiations it was necessary to amend the original purchase agreement to permit, among other matters, an extension of the time for the removal of buyer's contingencies. Under the contract, the City will receive $2 million for the Lazarus Site. In order to complete the sale of the property the Director of Development needs to be authorized to enter into additional agreement(s) and to grant easements benefiting the former Lazarus site.
Fiscal Impact: The sale proceeds of Two Million Dollars ($2,000,000), less any closing expenses required to be borne by the Seller, under the purchase contract with Northland Associates LLC, shall be deposited in Fund No. 735.
Emergency Justification: Emergency action is requested in order to meet the purchase contract deadlines for closing on the transaction.
Title
To authorize the Director of Development to execute easements and other documents incidental and necessary to the sale of 10.877 acres of the former Lazarus Department Store site at the former Northland Mall to Northland Associates LLC, and to declare an emergency.
Body
WHEREAS, On January 29, 2003, the City of Columbus purchased 16.2 acres formerly owned by Federated Departmen...
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