City of Columbus - File #: 1560-2008

• File #: 1560-2008
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 9/26/2008
• In control: Development Committee
• On agenda: 10/20/2008
• Final action: 10/22/2008
• Title: To authorize the Director of Finance and Management, in furtherance of the authority granted to the Director of Development to enter into a reimbursement agreement for future public improvements in the Arena District, to enter into a real estate purchase and sale contract with NWD Investments, LLC for the sale of 2.447 acres of the City owned land located at the southeast Corner of Neil Avenue and Vine Street, and to the extent they may be applicable, to waive the Land Review Commission requirements of the Columbus City Codes.

Date	Ver.	Action By	Action	Result
10/22/2008	1	CITY CLERK	Attest
10/21/2008	1	MAYOR	Signed
10/20/2008	1	Columbus City Council	Approved	Pass
10/20/2008	1	COUNCIL PRESIDENT	Signed
10/6/2008	1	Columbus City Council	Read for the First Time
9/30/2008	1	City Clerk's Office	Sent back for Clarification/Correction
9/30/2008	1	Dev Drafter	Sent to Clerk's Office for Council
9/26/2008	1	Finance Drafter	Sent for Approval
9/26/2008	1	Dev Drafter	Sent for Approval
9/26/2008	1	DEVELOPMENT DIRECTOR	Reviewed and Approved
9/26/2008	1	Dev Drafter	Sent for Approval
9/26/2008	1	FINANCE DIRECTOR	Reviewed and Approved
9/26/2008	1	Dev Drafter	Sent for Approval
9/26/2008	1	CITY ATTORNEY	Reviewed and Approved
9/26/2008	1	FINANCE DIRECTOR	Reviewed and Approved
9/26/2008	1	Dev Drafter	Sent for Approval
9/26/2008	1	Finance Drafter	Sent for Approval
9/26/2008	1	Dev Drafter	Sent to Clerk's Office for Council

Explanation

Background:
The City owns fee title to the property at the southeast corner of Neil Avenue and Vine Street. The site is approximately 2.447 acres plus or minus and is surplus city property. Ordinance No. 2069-2007 authorized the Director of Finance and Management to advertise the property and enter into negotiations with interested parties. The property was offered for sale via Public Notice 0016-2008. The Directors of Finance and Management and Development recommended selling the site for $2,000,000 to NWD Investments, LLC for development of the Arena District in accordance with Ordinance No. 1554-2008 authorizing the Development Director to enter into a reimbursement agreement with NWD to finance construction of future public improvements. This ordinance authorizes the Director of Finance and Management to enter into the purchase and sale agreement with NWD Investments, LLC. for this property consistent with the purposes of Ordinance No. 1554-2008.

Fiscal Impact:
Proceeds from this transaction shall be deposited in Fund 725.


Title

To authorize the Director of Finance and Management, in furtherance of the authority granted to the Director of Development to enter into a reimbursement agreement for future public improvements in the Arena District, to enter into a real estate purchase and sale contract with NWD Investments, LLC for the sale of 2.447 acres of the City owned land located at the southeast Corner of Neil Avenue and Vine Street, and to the extent they may be applicable, to waive the Land Review Commission requirements of the Columbus City Codes.

Body

WHEREAS, the City of Columbus desires to enter into a purchase and sale agreement with NWD Investments, LLC, for the sale of 2.447 acres of the City owned land at the southeast corner of Neil Avenue and Vine Street; and

WHEREAS, ordinance No. 2069-2007 authorized the Director of Finance and Management to advertise the property and enter into negotiations with inte...