Explanation
BACKGROUND: The City owns real properties located at 4850 West Powell Road, Powell, Ohio 43065, Delaware County, Ohio (“Property”), commonly known as the Columbus Zoo and Aquarium (“Zoo”), which is managed by the Department of Development (“Development”) and leased to the Zoo. The Franklin County Board of Commissioners, City of Columbus, Ohio, and The Columbus Zoological Park Association, Inc. (the “Parties”) entered into an Amended and Restated Lease Agreement on July 22, 2003, which was subsequently amended on May 22, 2007, again on August 21, 2007 and lastly on February 9, 2010 (“Lease Agreement”). The Columbus Zoological Park Association, Inc. has plans to further develop the property with an aquarium, hotel, and other improvements and potentially secure long-term bond financing for these improvements to the property. In order to perform such work, it is necessary and desirable to enter into a Fourth Amendment to the Amended and Restated Lease Agreement to extend the lease term through September 30, 2067, and make other necessary adjustments to the Lease Agreement and declare an emergency.
CONTRACT COMPLIANCE: Not applicable.
FISCAL IMPACT: Not applicable.
EMERGENCY JUSTIFICATION: Emergency action is requested to allow for the timely granting of the lease amendment and allow the Zoo to commence their plans to develop the property with additional improvements and potentially secure long-term bond financing at the earliest possible time which will preserve the public peace, health, property, safety and welfare.
Title
To authorize the Director of the Department of Development, or an authorized assignee, to execute and acknowledge a Fourth Amendment to the Amended and Restated Lease Agreement with the Franklin County Board of Commissioners necessary to grant the Zoo an extension to the term of the lease agreement for the City’s real property located at 4850 West Powell Road, Powell, Ohio 43065; and to declare an emergency. ($0.00)
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