Explanation
Background: This ordinance authorizes the Finance and Management Director to enter into a Real Estate agreement to sell city-owned property located at the northeast corner of Long and Fourth Street in downtown Columbus. The City owns fee title to approximately one (1) acre of property located at the northeast corner Long and Fourth Streets, Columbus Ohio, comprised of five parcels identified as Franklin County Auditor’s Tax Parcels 010-018897, 010-009278, 010-062052, 010-056033, and 010-035698. This property houses two buildings and a surface parking lot, commonly known as 174-182 E. Long Street. The Department of Finance and Management, Real Estate Management Office, has marketed this surplus property through RFPs and by a commercial real estate sale listing of the property on Xceligent, a commercial real estate listing service. The property went into contract in 2016 but the purchaser eventually withdrew. The City put the property back on the market, received a purchase offer, and has negotiated terms favorable to the City.
This ordinance authorizes the Director of Finance and Management to enter into a Real Estate Purchase and Sale Contract with Del Monte Holdings, LLC and to execute those documents necessary to grant fee simple title to the City’s real property situated at the northeast corner of Long and Fourth Streets, containing approximately one (1) acre of land and two buildings on five parcels identified as Franklin County Auditor’s Tax Parcels 010-018897, 010-009278, 010-062052, 010-056033, 010-035698 for consideration of Two Million Five Hundred Thousand Dollars ($2,500,000.00). The developer plans to renovate both buildings and construct a five-level parking garage on the existing surface parking lot. The six-story building renovation will include construction of 36-40 apartments.
Emergency action is requested in order to allow the transaction to proceed at the earliest possible date.
Fiscal Impact: The City will receive income in th...
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