Explanation
BACKGROUND: The City of Columbus owns certain real property located at 771 E. Long Street, commonly known as the Lincoln Theater. The City desires to rent certain portions (retail bays) of the Lincoln Theater to various businesses and private citizens in order to generate income to offset a portion of the cost of the daily operation of the facility and to serve as a stimulus in the redevelopment of King-Lincoln community. The City, ("Lessor"), desires to enter into a lease agreement with Gallerie Les Beaux Arts, LLC, ("Lessee"), for the lease of approximately 475 square feet of retail space at the Lincoln Theater known as 775 E. Long Street, for the operation of an art gallery. The following legislation authorizes the Director of the Department of Development to execute those documents necessary to enter into a one (1) year lease agreement, with the Lessee having the option to extend the lease for one additional one-year period.
FISCAL IMPACT: Renting the retail bay, will provide a revenue stream for the City of Columbus to assist in offsetting a portion of the operation and maintenance expenses of this City owned facility.
EMERGENCY JUSTIFICATION: Emergency action is requested to not delay the immediate renting of certain portion of the Lincoln Theater and subsequent financial benefit to the City.
Title
To authorize the Director of the Department of Development to execute those documents necessary to enter into a one (1) year lease between the City of Columbus and Gallerie Les Beaux Arts, LLC for the lease of approximately 475 square feet of retail space in the Lincoln Theater and to declare an emergency.
Body
WHEREAS, the City of Columbus owns certain real property located 771 E. Long Street, commonly known as the Lincoln Theater; and
WHEREAS, the City desires to rent a retail bay fronting on Long Street with an address of 775 E. Long Street; and
WHEREAS, an emergency exists in the usual daily operation...
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