Explanation
BACKGROUND: The Columbus Urban Growth Corporation was organized to increase the commercial and industrial development activities and investment in the core city. The Crosstown Building, located at 11th Avenue and Cleveland, is one of Urban Growth's core redevelopment projects. The building, which is owned by Crosstown building, LLC, a limited liability company established by Columbus Urban Growth Corporation, has been redeveloped and is occupied by a restaurant and several offices. The City of Columbus has a lien on the property as a result of a CDBG, Business Development loan to rehabilitate the building. The building is currently for sale and has a genuine offer on the table. The City of Columbus needs to release the lien and the financing statement on this parcel in order to allow the sale of the property to be completed. The proceeds from the sale of the Crosstown Building will be used to pay off the first lien holder on the property. The City of Columbus lien will only be released upon sale of the building.
This legislation authorizes the Director of the Department of Development to release the City's mortgage and financing statement recorded as instrument # 200009190189630 and instrument # 200009250193716, respectively, in the Franklin County Recorder's Office on tax parcel 010-006690, the Crosstown Building property.
Emergency action is requested to allow the release of the mortgage and financing statement at the Crosstown Building in a timely manner.
FISCAL IMPACT: No funding is necessary for this legislation.
Title
To authorize the Director of the Department of Development to release a City of Columbus mortgage and financing statement on the Crosstown Building, located at 11th and Cleveland Avenue; and to declare an emergency.
Body
WHEREAS, the City of Columbus holds a mortgage on real property owned by Crosstown Building LLC, parcel 010-006690, located at 11th Avenue and Cleveland Avenue, as a result of a CDBG,...
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