Explanation
BACKGROUND: Nationwide Arena, LLC has an opportunity to sell a 0.678 acre parcel of that property to The Eye Center Realty Partners, LLC for the construction of an eye surgery center, which sale shall result in the further commercial development of the former Ohio Pen Site. Releasing Nationwide from the conditions of that certain Contract of Sale will facilitate that development.
FISCAL IMPACT: No funding is required for this legislation.
Title
To release Nationwide Arena, LLC in the sale of a parcel of real property from the conditions set forth in Section 11.13(D) of that certain Contract of Sale between the City of Columbus and Nationwide Arena, LLC; and to declare an emergency.
Body
WHEREAS, the City of Columbus and Nationwide Arena, LLC entered into a Contract of Sale dated August 17, 1998 for portions of the real property formerly known as the Ohio Penitentiary; and
WHEREAS, Nationwide Arena, LLC has an opportunity to sell a 0.678 acre parcel of that property to The Eye Center Realty Partners, LLC for the construction of an eye surgery center, which sale shall result in the further commercial development of the former Ohio Pen Site; and
WHEREAS, it is necessary in order to encourage and permit this proposed development that the City release Nationwide Arena, LLC from the conditions set forth in Section 11.13(D) of the Contract of Sale; and
WHEREAS, an emergency exists in the usual daily operation of the City in that it is immediately necessary to grant Nationwide Arena, LLC's request to be released from the aforesaid provisions of the contract of Sale which shall permit the sale of this parcel and the timely redevelopment of the parcel; now therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That upon the sale of the following real property, Nationwide Arena, LLC shall be released from the conditions set forth in Section 11.13(D) of the Contract of Sale dated August 17, 1998 b...
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