Explanation
BACKGROUND: In June 2004, in response to a petition from the Columbus Downtown Development Corporation ("CDDC"), this Council approved the creation of The RiverSouth Authority (the "Authority") and made initial appointments to its Board of Trustees. The Authority then entered into a Master Lease Agreement and a First Supplemental Lease Agreement with the City in support of the Authority's issuance of its $37,870,000 RiverSouth Area Redevelopment Bonds, 2004 Series A (the "2004 Series A Bonds") to pay costs of CDDC's acquisition of the former Lazarus properties and redevelopment initiatives in and for the RiverSouth District. Under that First Supplemental Lease, City Council approval is required for the Authority's release of certain proceeds of the 2004 Series A Bonds currently held in Authority's RiverSouth Project Fund. This ordinance authorizes the release of $6,000,000 currently on deposit in the Authority's Project Fund to pay costs of the additional improvements to the former Lazarus properties which are now necessary to prepare them for reuse by new tenants, and also reappoints two members of the Authority's Board of Trustees.
FISCAL IMPACT: No funding is required for the legislation.
Title
To authorize the release of $6,000,000 of 2004 Series A Bond monies on deposit in the RiverSouth Authority Project Fund in support of continuing improvements to the former Lazarus properties to prepare them for reuse by new tenants; and to reappoint two members of the Board of Trustees of The RiverSouth Authority.
Body
WHEREAS, in order to create or preserve jobs and employment opportunities and to improve the economic welfare of the people of the City of Columbus, Ohio (the "City"), this Council desires to provide for the continued redevelopment and revitalization of that certain area situated within the corporate limits of the City, being generally the area of the City's downtown and surrounding areas known as the "Rive...
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