Explanation
BACKGROUND: In 2006 and 2007, the City and Capitol South Community Urban Redevelopment Corporation (Capitol South) worked in concert to convey the City’s property located at 400 East Town Street containing a structure commonly known as the Deaf School Building to Campus-Columbus LLC for redevelopment as a residential project. The City retained a deed restriction limiting the use of the property to residential development. Capitol South retained an option to repurchase the property should Campus-Columbus LLC fail to commence residential redevelopment by a certain date, which date has now passed without the required commencement. Campus-Columbus LCC has negotiated a contract for the purchase of the property by The Columbus Metropolitan Library (Library).
Acquisition of this property by the Library provides a contiguous expansion site for its otherwise land-locked Main Library location. The Library has requested that the City release its residential use restriction in order to allow the Library to use the 400 East Town Street property for its purposes. The property will either be fully or partially redeveloped for library purposes with any balance of the property not so used made available for redevelopment by others for uses complementary to the adjacent Main Library. Any change to the 400 East Town Street property is subject to the approval of both the Downtown Development Commission and the Historic Resources Commission.
This Ordinance authorizes the Director of Finance and Management, contingent on the purchase of the property by the Library, to execute the required quit claim deed to release the residential use restriction on the 400 East Town Street.
Fiscal Impact: None.
Emergency Justification: N/A.
Title
To authorize the Director of Finance and Management to execute the necessary documents to release a use restriction that encumbers the property at 400 East Town Street. ($0.00)
Body
WHEREAS, the City and Capitol South Commu...
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