Explanation
Background: In 2003, the City, Board of County Commissioners of Franklin County Ohio ("County"), and the Zoological Park Association (the "Zoo") transferred a 12 acre + tract of land, located on the eastern boundary of Zoo property south of Powell Road, to the New Hope Reformed Church (the "Church") in exchange for certain monetary considerations and a 19-acre + tract of real property owned by the Church. As a term of the aforementioned transfer, the Church was given 3 years to construct a new Church on the 12-acre tract and to abandon their existing building on the 19-acre + tract. The City, County and Zoo also required a "right of first refusal" be placed in the deed to the 12 acre + tract, which would permit the City, County, or Zoo to buy the property back at the purchase price, in the event the Church decided to sell the 12 acre + tract rather than use it for its new Church building. The right of first refusal, as drafted, is preventing the Church from obtaining necessary financing for its new Church building. The City, County, Zoo, Church and lender wish to enter into an "Subordination Agreement", related to "the right of first refusal" in order to protect the lender's security in the property. The aforementioned agreement will not adversely affect the underlying purpose for which the City, County and Zoo had required the right of first refusal. It is now necessary to authorize the Executive Director of the Recreation and Parks Department to sign the aforementioned Subordination Agreement.
Fiscal Impact: N/A
Emergency Justification: Emergency action has been requested to allow to Church to make construction draws on its loan in order to complete its building on time.
Title
To authorize the Executive Director of the Recreation and Parks Department to execute those documents necessary to enter into a "Subordination Agreement" related to the "right of first refusal" contained in the deed from the City of Columbus and Frank...
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