Explanation
Background: In 1990, the City of Columbus, Franklin County and the Franklin County Convention Facilities Authority (the "FCCFA") entered into a Lease Agreement and Sublease Agreement involving the Greater Columbus Convention Center, which included real property owned in fee simple by the City of Columbus and by the FCCFA, for the purpose of facilitating the issuances of revenue bonds for the expansion of the convention center. Since 1990, the FCCFA has purchased additional property for use in conjunction with the -Convention Center and a series of lease and sublease amendments have been executed to add property to the lease and sublease premises. The last amendment was in 1998. Since 1998 the FCCFA has acquired fee title to additional real property for use as part of the convention center. In addition the FCCFA wishes to enter into a favorable agreement with NWD Investors LLC for the exchange of real property interests, which will enhance the operations of the convention center facilities. Amendments to the Lease Agreement and Sublease Agreements are required to make property acquired subsequent to 1998 part of the lease premises and to authorize the conveyance to and from NWD Investors LLC.
Fiscal Impact: N/A
Emergency Justification: Emergency action is requested to permit the exchange of real property between the FCCFA and NWD Investors LLC, to occur quickly and to further the pending developments by the FCCFA and NWD Investors LLC.
Title
To authorize the Mayor to sign Addendum No. 3 to First Supplement to Lease Agreement and Addendum No.3 to First Supplement to Sublease Agreement among the City of Columbus, Ohio, the County of Franklin, Ohio, and the Franklin County Convention Facilities Authority, and to declare an emergency
Body
WHEREAS, in 1990 the City of Columbus, Ohio (the "City"), the County of Franklin, Ohio (the "County") and the Franklin County Convention Facilities Authority (the "Authority") entered a ...
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