City of Columbus - File #: 1009-2004

• File #: 1009-2004
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 5/27/2004
• In control: Development Committee
• On agenda: 6/21/2004
• Final action: 6/23/2004
• Title: To authorize the City to enter into a Lease Agreement and Supplemental Lease Agreement with The RiverSouth Authority in connection with and supporting redevelopment and revitalization of the RiverSouth District and surrounding area; to authorize the Director of Development to execute the Lease Agreement and Supplemental Lease Agreement; and to declare an emergency.

Date	Ver.	Action By	Action	Result
6/23/2004	1	CITY CLERK	Attest
6/22/2004	1	MAYOR	Signed
6/21/2004	1	Columbus City Council	Approved	Pass
6/21/2004	1	COUNCIL PRESIDENT	Signed
6/17/2004	1	Dev Drafter	Sent to Clerk's Office for Council
6/15/2004	1	City Clerk's Office	Sent back for Clarification/Correction
6/3/2004	1	City Clerk's Office	Sent back for Clarification/Correction
6/3/2004	1	Dev Drafter	Sent to Clerk's Office for Council
6/3/2004	1	City Clerk's Office	Sent back for Clarification/Correction
6/3/2004	1	Dev Drafter	Sent to Clerk's Office for Council
5/28/2004	1	CITY ATTORNEY	Reviewed and Disapproved
5/28/2004	1	Dev Drafter	Sent for Approval
5/28/2004	1	CITY ATTORNEY	Reviewed and Approved
5/28/2004	1	Dev Drafter	Sent to Clerk's Office for Council
5/27/2004	1	Dev Drafter	Sent for Approval
5/27/2004	1	DEVELOPMENT DIRECTOR	Reviewed and Approved
5/27/2004	1	Dev Drafter	Sent for Approval

Explanation

BACKGROUND: This ordinance authorizes the City to enter into a Lease Agreement and Supplemental Lease Agreement with The RiverSouth Authority in connection with the initial redevelopment and revitalization of the RiverSouth District and the surrounding area, and authorizes the Director of the Department of Development to execute the Lease Agreement and Supplemental Lease Agreement, and declares an emergency.

This legislation is being submitted as an emergency in order to meet the immediate need for establishing a financing mechanism.

FISCAL IMPACT: No funding is required for this legislation until 2007. Commencing in 2007 and thereafter, the City will need to budget for payments under the Lease and First Supplemental Lease which will be the source of annual debt service payments through 2024 on The RiverSouth Authority's initial 2004 bond issue that will finance final acquisition of the Federated properties and commence revitalization of the RiverSouth Area.


Title

To authorize the City to enter into a Lease Agreement and Supplemental Lease Agreement with The RiverSouth Authority in connection with and supporting redevelopment and revitalization of the RiverSouth District and surrounding area; to authorize the Director of Development to execute the Lease Agreement and Supplemental Lease Agreement; and to declare an emergency.



Body

WHEREAS, in order to create or preserve jobs and employment opportunities and to improve the economic welfare of the people of the City of Columbus, Ohio (the "City"), this Council desires to provide for the redevelopment and revitalization of that certain area situated within the corporate limits of the City, being generally the area of the City's downtown depicted on Exhibit A attached hereto and surrounding areas (the "RiverSouth Area"); and

WHEREAS, to further the redevelopment of the RiverSouth Area the Columbus Downtown Development Corporation ("CDDC") initiated the creation of Th...