Explanation
Background: This legislation authorizes the appropriation of $7,045,250.00 from the Debt Retirement Fund for lease payments to the RiverSouth Authority. The RiverSouth Authority issued bonds in 2004 and 2005 to purchase and rehabilitate the former downtown Lazarus Department Store and refunding bonds in 2012 and in 2014. The City entered into a Master Lease Agreement and a First Supplemental Lease Agreement with The RiverSouth Authority pursuant to Ordinance No. 1009-2004 adopted on June 21, 2004. The City entered into a Second Supplemental Lease Agreement with RiverSouth pursuant to Ordinance No. 1312-2005 adopted on July 25, 2005. The City entered into a Third Supplemental Lease Agreement with RiverSouth pursuant to Ordinance No. 0382-2012 adopted on February 27, 2012. The City entered into a Fourth Supplemental Lease Agreement with RiverSouth pursuant to Ordinance 0541-2014 adopted on March 10, 2014. The City entered into a Fifth Supplemental Lease Agreement with RiverSouth pursuant to Ordinance 0974-2023 adopted on April 3, 2023. These agreements call for the City to make lease payments to The RiverSouth Authority in annual amounts equal to the bond service charges.
This legislation also authorizes the expenditure of $1,844,000.00 from the Mobility Enterprise Fund for lease payments to the RiverSouth Authority. The RiverSouth Authority issued bonds in 2016 for the Scioto Peninsula Area Redevelopment. These bonds were issued to construct an underground parking garage and park located at the Center of Science and Industry (COSI). The City entered into a Master Lease Agreement and Supplemental Lease Agreement with The RiverSouth Authority pursuant to Ordinance No. 1980-2016 adopted on July 25, 2016. This agreement calls for the City to make lease payments to The RiverSouth Authority in annual amounts equal to the bond service charges. Prior to 2022, these payments were paid from the Debt Retirement Fund. With the consolidation of parki...
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