Explanation
Background: The Dublin Road Water Plant is to undergo a plant expansion that requires the demolition of the 910 Dublin Road office building making it necessary for the Department of Public Utilities to acquire office space as a replacement. This legislation authorizes the Director of Development, on behalf of the Department of Public Utilities, to execute those documents necessary to enter into a Lease Agreement with CDDC Holdings 37, LTD. (“CDDC”), an Ohio limited liability corporation, and the RiverSouth Authority (“RSA”), as may be required, for the lease of approximately 145,639 rentable square feet of office space (“Leased Premises”) within the building located at 37 West Broad Street, Columbus, Ohio, Franklin County Tax Parcel Number 010-027268 (“Parcel”). The Lease Agreement will contain a provision, subject to the future appropriation of funds by City Council and the certification of funds availability by the City Auditor, for the purchase of the entire Parcel, which includes the Leased Premises, basement area, a restaurant space, and an underground parking garage along with a surface parking lot above the garage. The Leased Premises will be used by the City’s Department of Public Utilities. The Lease Agreement shall be for a term of ten (10) years, consisting of ten (10) consecutive one (1) year renewal terms, the first being an abbreviated term commencing on or about January 5, 2026, with each subsequent renewal subject to the appropriation of funds by City Council and the certification of funds availability by the City Auditor. This ordinance shall further authorize the expenditures associated with the Lease Agreement, $10,000,000.00 to be applied towards the final purchase price of the Parcel, an additional up to $300,000.00 for Net Operating Income for 2026 and up to $1,500,000.00 for annual building operating expenses funded collectively from the Water Operating Fund, the Sanitary Sewer Operating Fund, and the Stormwater Operating Fund...
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