Explanation
Background: The City of Columbus has leased to Capitol South Community Urban Redevelopment Corporation (hereinafter “Capitol South”) certain property at 160 S. High Street, formerly part of the City Center Mall sites (now the “Columbus Commons”) for a term of 99 years, renewable forever. After conducting a competitive process, Capitol South has identified a nationally recognized developer, Carter, (the “Developer”) who is interested in developing the development tracts consisting of 0.484 acres and 1.1740 acres located along High Street (the “High Street Development Pads”) for residential and retail improvements. Capitol South proposes to release its leasehold interest as to the High Street Development Pads, acquire the City’s fee title to the High Street Development Pads and the City’s consent to and/or grant of the associated easements for future consideration arising from the terms of Operative Agreement between the City and Capitol South, as amended, entered into July 30, 2001, all of which conveyance shall be conditioned on the Developer proceeding to closing. Capitol South proposes to convey title to the High Street Development Pads to the Developer at closing for a purchase price of $2 million and a potential excess profit participation which will be subject to the Operative Agreement. The Developer proposes to develop approximately 300 market rate apartments and 23,000 square feet of first floor retail space for lease in two, six-story buildings, and construct a tunnel for pedestrian access from the buildings to the underground Columbus Commons parking structure (the “High Street Project”).
The following legislation authorizes the Director of Finance to enter into a sale contract with Capitol South, to execute a quit claim deed to Capitol South conveying title to the High Street Development Pads, to execute joinders and consents to parking, utility, access, maintenance, setback, temporary construction and other associated easements ne...
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