Explanation
Background: This ordinance authorizes the Finance and Management Director to enter into an agreement for the lease of a portion of city-owned property located at the terminus of Nationwide Boulevard identified as Franklin County Tax Parcel 010-066777. This property houses operations for the Division of Power and at the tip of the northwest section of the parcel, a former pump station building. The Department of Finance and Management, Real Estate Management Office, marketed the former pump station building for redevelopment through an RFP process (RFQ 15917). The proposal submitted by Connect Real Estate scored the highest and was selected by the RFP Review Committee. The developer will renovate the former pump house and construct a first class restaurant/bar venue. Negotiation of the terms to meet the City’s interest have been now been finalized for the lease of the property and redevelopment of the former pump station building. Connect Real Estate has established a separate limited liability company, Post Court, LLC as the leasing entity.
This ordinance authorizes the Director of Finance and Management to enter into a lease agreement with Post Court, LLC and to execute those documents necessary to lease that portion of the City’s real property identified as Franklin County Auditor’s Tax Parcel 010-066777, situated at the terminus of Nationwide Boulevard, containing approximately 0.14 acres +/- of land and the former pump house building.
Emergency action is requested in order to allow the transaction to proceed to conclusion at the earliest possible date to allow construction and renovation of the building to begin as quickly as possible.
Fiscal Impact: The City will receive rental income for the lease of the real property. The income will be deposited into the Power Operating Fund.
Title
To authorize the Director of Finance and Management to execute those documents necessary to enter into a lease agreement with Post Court, LLC for the le...
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