Explanation
Background: The City of Columbus and Coca-Cola Refreshments USA, Inc. (Coca-Cola) are working together to demolish an abandoned hotel located at 2124 and 2145 Hamilton Road, adjacent to a Coca-Cola plant at 4500 Groves Rd. The current owners of the hotel have failed to comply with an order of the Franklin County Municipal Court which declared the property a public nuisance based on a complaint initiated by the Columbus City Attorney. The property is also subject to a foreclosure action initiated by a lender and continued by a company which purchased Tax Lien Certificates on the property in excess of $555,000. The property was offered for sale by the Franklin County Sheriff on four separate occasions, each sale did not result in a sale of the property. Coca-Cola entered into an agreement with the purchaser of the Tax Lien Certificates to acquire interest in the foreclosure proceeding and to have an option to complete the foreclosure and gain title to the property. This legislation authorizes the Director of the Department of Development to enter into an agreement with Coca-Cola to contribute up to $716,650 of the estimated $1,120,900 remediation and demolition cost. The agreement will require Coca-Cola to gain ownership of the property and perform an asbestos remediation and demolition of the hotel structure.
Fiscal Impact: Funds are available in the 2011 Capital Improvement Budget in Fund 735 Northland and Other Acquisitions.
Emergency Justification: Emergency action is required in order to complete the work within the timeframe for which the cost estimates were given and to start the demolition of this public nuisance as soon as possible.
Title
To authorize the Director of the Department of Development to enter into an agreement with Coca-Cola Refreshments USA, Inc. to contribute funds for the demolition of a public nuisance structure located at 2124 and 2145 Hamilton Road; to authorize the appropriation and expenditure of $716,65...
Click here for full text