Explanation
Background: Under the lease agreement between the City and Columbus Urban Growth Corporation ("CUGC") for the former Northland Mall site, CUGC has the option to purchase portions of the site for resales in furtherment of redevelopment. Currently CUGC is under contract to sell approximately 11 acres to Home Depot USA Inc for the location of a new Home Depot retail store. A contingency in the purchase agreement requires CUGC, as the lessee and optionee of the property, and the City as fee owner, to execute a Restrictions and Cross Easement Agreement ("REA") with regard to the property being sold and the remainder of the former Northland mall property. Said REA grants appurtenant easements over portions of the Northland mall site for vehicular and pedestrian access and storm water discharge for benefit of the Home Depot site. The specific requirements for easements are set forth in attached Exhibit A which is an extract from the purchase agreement between CUGC and Home Depot. In addition to the creation of easements the REA places certain specified restrictions on uses of the remainder of the Northland property as set forth in attached Exhibit B and C.
Fiscal Impact: Not applicable.
Emergency Justification: Passage as emergency measure is required to meet the time contingencies set forth in the purchase contract between CUGC and Home Depot.
Title
To authorize the Director of Development, upon the conveyance of approximately 11 acres of the former Northland Mall site, to execute a Restrictions and Cross Easement Agreement among the City of Columbus, Columbus Urban Growth Corporation and Home Depot U.S.A. Inc.; and to declare an emergency.
Body
WHEREAS, The City of Columbus, as fee owner and landlord, has entered into a lease agreement with Columbus Urban Growth Corporation, ("CUGC"), as tenant, for approximately 74 acres of the former Northland mall site; and
WHEREAS, under the terms of the lease agreement CUGC ha...
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