Explanation
BACKGROUND: In June 2004, in response to a petition from Columbus Downtown Development Corporation ("CDDC"), this Council approved the creation of The RiverSouth Authority (the "Authority"). The Authority then entered into a Master Lease Agreement and a First Supplemental Lease Agreement with the City in support of the Authority's issuance of $37,870,000 of RiverSouth Area Redevelopment Bonds, 2004 Series A (the "2004 Series A Bonds") to pay costs of CDDC's acquisition of the former Lazarus properties and redevelopment initiatives in and for the area of Downtown Columbus generally known as the "RiverSouth Area". Under that First Supplemental Lease, City Council approval is required for the Authority's release of the $10,000,000 of the proceeds of the 2004 Series A Bonds currently held in the RiverSouth Area Redevelopment Project Fund (the "Project Fund"). This ordinance authorizes the release of $4,625,000 out of the $10,000,000, i.e., $3,875,000 to pay the costs of CDDC's acquisition of three parcels of real property in the RiverSouth Area and $750,000 to pay CDDC's costs for the preliminary engineering and planning for the initial development of certain portions of the RiverSouth Area, including development of two blocks of former Lazarus land in the RiverSouth Area for residential and mixed use, development of adjacent portions of Wall Street as a mews street, development of a median park in Front Street throughout the RiverSouth Area, development of the vacated portions of Walnut Street now in the two blocks of land, and development of adjacent parcels being acquired by CDDC.
FISCAL IMPACT: No funding is required for the legislation.
Title
To authorize the release of $4,625,000 out of $10,000,000 of 2004 Series A Bond proceeds currently held in the Project Fund in support of Columbus Downtown Development Corporation's land acquisitions and preliminary engineering and planning for the initial development of certain portions of...
Click here for full text