Explanation
BACKGROUND:
In connection with the development of the Columbus City Center Mall, the City entered into a number of easement agreements and other documents (the "Mall Agreements") that governed the operation of the City Center Mall, and detailed the rights of the City Center Mall owner, the owners of the various anchor departments stores, and Capitol South Community Urban Redevelopment Corporation ("Capitol South") in and to the City Center Mall site.
Ownership of the City Center Mall has since reverted to Capitol South, the Lazarus Building is now owned by Columbus Downtown Development Corporation, and the Mall was permanently closed on March 5, 2009. Capitol South has proposed a plan to demolish the City Center Mall and to construct a park, to be known as "Columbus Commons," on the site of the Mall. With the Mall's closure and planned demolition, the various Mall Agreements are now obsolete.
This legislation authorizes the Director of Finance and Management to execute any and all documents, certificates or other instruments evidencing the termination of the Mall Agreements.
Emergency action is requested to allow the foregoing actions to be initiated and completed in a timely manner.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Finance and Management to terminate certain agreements relating to the Columbus City Center Mall site, and to declare an emergency.
Body
WHEREAS, Capitol South Community Urban Redevelopment Corporation ("Capitol South") is the owner of the improvements (the "Mall Improvements") formerly known as the Columbus City Center Mall; and
WHEREAS, the Columbus City Center Mall was permanently closed to the public on March 5, 2009; and
WHEREAS, the City and Capitol South have concluded that the Mall Improvements have reached the end of their useful life, and, in their current form, impair the economic vibrancy and aesthetic value of the neigh...
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