Explanation
Background: The City entered into a Lease Agreement, as authorized by City Council Ordinance 836-1985, with Specialty Restaurants Corporation for the City’s property and restaurant building located at 679 Spring Street, Columbus, Ohio. The term of the lease is set to expire on March 31, 2025. The City and Specialty Restaurants Corporation have agreed to a two-year extension of the term that will allow occupancy to continue until March 31, 2027 with an option to renew for a two (2) year term. The following legislation authorizes the Director of the Department of Finance and Management, on behalf of the Department Recreation and Parks, to execute a Fourth Amendment to Lease Agreement with Specialty Restaurants Corporation necessary to extend the term and determine rental rates. The following legislation is presented as emergency measure.
Fiscal Impact: Commencing April 1, 2025, the income the City is to receive from Specialty Restaurants Corporation will be 100,000.00 annually.
Emergency Action: This legislation is presented as emergency to immediately amend the lease to extend the term and establish rental rates with Specialty Restaurants Corporation and allow operations to continue uninterrupted.
Title
To authorize the Director of the Department of Finance and Management to execute a Fourth Amendment to Lease Agreement with Specialty Restaurants Corporation for the property located at 679 Spring Street, Columbus, Ohio, and to declare an emergency.
Body
WHEREAS, the City is the owner of certain real property located at 679 Spring Street; and
WHEREAS, the City has leased the property and restaurant building located at 679 Spring Street to Specialty Restaurants Corporation since 1985 for use as a restaurant and event center; and
WHEREAS, the term of the current lease is set to expire on March 31, 2025:
WHEREAS, the City has agreed to a two-year extension of the lease thus necessitating the need for a Fourth Amendment to the Lease to extend...
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