Explanation
Background: By Ordinance 3144-2018, Columbus City Council authorized the transfer to two properties held in the Land Reutilization Program to the Central Ohio Community Improvement Corporation (COCIC). The properties were originally acquired by the City as a part of the implementation of the East Franklinton Creative Community Plan and were made available by COCIC to lease to small businesses engaged in art-related businesses. With this legislation, the properties will be transferred back into City ownership and leased to the Franklinton Arts District (FAD), an Ohio nonprofit corporation. FAD is a local arts organization who will occupy a portion of one of the buildings and continue sublease agreements with the existing tenants. The agreement will require the establishment of ongoing building reserves from the income derived from the subleasing.
Fiscal Impact: No funding is required for this legislation.
Title
To authorize the Director of Development to accept deeds for real properties located at 503 W. Walnut Street (010-047939) and 566 W. Town Street (010-015023), Columbus, Ohio 43215 from the Central Ohio Community Improvement Corporation; to execute any and all necessary agreements and documents for the conveyance of the same; and to execute lease agreements with Franklinton Arts District, an Ohio nonprofit corporation. ($0.00)
Body
WHEREAS, by Ordinances 2609-2012 and 0690-2013, the City’s Department of Development acquired properties within the East Franklinton area and hold the properties under its Land Reutilization Program; and
WHEREAS, by Ordinance 3144-2018, the properties were transferred to the Central Ohio Community Improvement Corporation (COCIC) to hold on the behalf of the City and lease the buildings for uses consistent with the East Franklinton Creative Community District Plan; and
WHEREAS, COCIC now wishes to transfer ownership of the properties back to the City; and
WHEREAS, the City desires to accept the prope...
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