Explanation
Background: On October 1, 2007, Council passed Ordinance No. 1587-2007 which authorized an agreement with Capitol South Community Urban Redevelopment Corporation to purchase the subordinate leasehold estate of TL-Columbus Associates, LLC in the Centrum property. The purchase was part of a proposed settlement leading not only to the termination of TL-Columbus' leasehold interests in The Centrum property and but also the City Center Mall. In order to accomplish these terminations it is necessary to authorize the Director of Development to execute such other documents, as approved by the Department of Law, as are necessary to implement the agreed terminations.
Fiscal Impact: N/A
Emergency Justification: Under the proposed settlement agreement the purchase and agreed termination are scheduled for no later than October 31, 2007. Documents needed from the City are required before that date. Consequently emergency passage is required.
Title
To authorize the Director of Development to execute such other documents incident to and necessary for the agreed termination of all subordinate leasehold interests of TL-Columbus Associates, LLC, in The Centrum and City Center Mall properties, and to declare an emergency.
Body
WHEREAS, on October 1, 2007 Council passed Ordinance No. 1587-2007, authorizing the Director of Development to enter into an agreement with Capitol South Community Urban Redevelopment Corporation to purchase the subordinate leasehold interests of TL-Columbus Associates, LLC in the Centrum property; and,
WHEREAS, as part of the proposed settlement agreement between Capitol South Community Urban Redevelopment Corporation and TL-Columbus Associates, LLC on the agreed termination of the leasehold interest in the Centrum property, an agreement on the termination of the subordinate leasehold interest of TL-Columbus Associates, LLC in the City Center Mall property is included; and
WHEREAS, in order to ef...
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