Explanation
Background: Pursuant to Ordinance No. 0785-2005, the City of Columbus entered into an option to sell a portion of the property commonly known as Gowdy Field to Columbus Urban Growth Corporation ("CUGC"). CUGC sought proposals for redevelopment of the site. Gowdy Partners LLC proposed redevelopment of the site with office buildings including corporate offices for Time Warner Cable. The original option agreement did not permit assignment of the option contract. To facilitate the transfer of the property, CUGC has requested the option contract be modified to permit the Executive Director of Recreation and Parks to consent to the assignment of the option or to require the City to convey the deed to the property directly to a person designated by CUGC. All other terms of the contract would remain unchanged.
Fiscal Impact: N/A
Title
To authorize the Executive Director of Recreation and Parks to modify that certain option contract entered into between the City of Columbus and Columbus Urban Growth Corporation as authorized by Ordinance No. 0785-2005, to permit assignment of the option contract with the consent of the Executive Director.
Body
WHEREAS, pursuant to Ordinance No. 0785-2005 the City of Columbus entered into an option contract with Columbus Urban Growth Corporation ("CUGC") for the sale of up to 19.49 acres of property commonly known as Gowdy Field; and
WHEREAS, CUGC has obtained a proposal for redevelopment of the site from Gowdy Partners LLC and desires to modify the option contract to permit the assignment of the option to Gowdy Partners LLC or to allow CUGC to designate Gowdy Partners to be the grantee on the deed from the City; and
WHEREAS, it is in the best interest of the City to authorize the Executive Director of Recreation and Parks to modify the option contract to permit assignment of the option with the consent of the Executive Director and to provide that CUGC may designate the grantee on th...
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