Explanation
BACKGROUND: This legislation authorizes the Public Service Director to enter into a lease agreement with the Columbus Compact Corporation for city-owned property commonly known as 1393 East Broad Street, Columbus, Ohio. The Columbus Compact Corporation is the governing body and implementation agent for the Columbus Empowerment Zone. The activities and responsibilities of the Columbus Compact Corporation focus primarily on the promotion of economic opportunity, neighborhood life, community values, and cultural life.
Fiscal Impact: The City will receive $25,300 annually for the initial period of the lease agreement. In addition, the Columbus Compact Corporation shall pay the City $15,000.00 annually which will be deposited in a separate capital reserve fund to be used for certain building maintenance costs.
Emergency action is requested for the immediate authorization of this lease that will provide revenue to the City for a facility that would otherwise be under utilized and an expense to the City of Columbus.
Title
To authorize the Public Service Director to enter into a lease agreement to lease the City owned property at 1393 East Broad Street to Columbus Compact Corporation for the amount of $25,300.00 per year plus a $15,000.00 per year capital reserve fee for an initial period of three years with five options to renew, and to declare an emergency. ($0.00)
Body
WHEREAS, the City of Columbus, Ohio owns certain real property commonly known as 1393 East Broad Street; and,
WHEREAS, the City of Columbus, Ohio, acting through its Facilities Management Division, has negotiated a mutually satisfactory lease agreement with Columbus Compact Corporation, an Ohio non-profit corporation, for the lease of said real property; and,
WHEREAS, the City of Columbus desires to enter into a lease agreement with Columbus Compact Corporation for the real property commonly known as 1393 E. Broad Street; and,
WHEREAS, an emergency exis...
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