Explanation
BACKGROUND:
The City of Columbus, Ohio (the "City") has been engaged in cooperative efforts with the County of Franklin, Ohio (the "County"), the State of Ohio (the "State") and the Franklin County Convention Facilities Authority ("CFA") to facilitate the CFA's acquisition, operation and maintenance of Nationwide Arena, located in the Columbus Arena District, in Columbus, Ohio.
This ordinance authorizes the Mayor or the Director of Finance and Management to enter into a Lease Agreement and Sublease Agreement on behalf of the City among Franklin County, the CFA, and the City, and any other necessary agreements, for the purpose of facilitating part of the financing necessary for the CFA to purchase, operate and maintain Nationwide Arena.
The acquisition of Nationwide Arena will protect and create thousands of jobs in the Arena District and allow for the Arena District to continue as one of the City's most successful economic development performers. An economic impact study conducted by the John Glenn Institute at The Ohio State University identified 7,000 jobs in the Arena District in 2006. Since then, the Arena District has added 1,230 jobs, and expansions are underway now that will draw another 2,200 jobs over the next three years. The report by Stephen Buser, Ph.D. for the Columbus Chamber stated that the Arena District and Nationwide Arena generate $20.4 million annually in state and local income tax revenue.
Additionally, the Arena District has become a thriving residential community with more than 1,000 residents. Nationwide Arena is a critical component to the economic and community development success of the Arena District and the surrounding region. Both the public and private sectors value the Columbus Blue Jackets and Nationwide Arena's contribution to Central Ohio's business and entertainment landscape.
The City and County will enter into a lease and sublease arrangement with the CFA that will allow the CFA to purchase, operate ...
Click here for full text