Explanation
Background: This ordinance authorizes the Director of Development to acquire real property, consisting of approximately .28 acres +/-, commonly known as 84-92 North Front Street, Columbus, Ohio 43215, and further identified as Franklin County Tax Parcel No. 010-052390. This site serves as a strategic acquisition to support the City’s downtown campus and any future plans associated with the development or redevelopment of the City owned sites immediately adjacent; being the Beacon Building at 50 West Gay Street and the Parking Garage at 98-102 North Front Street.
This legislation authorizes the Director of Development to execute those documents necessary to purchase the real property from Southeast, Inc., an Ohio non-profit corporation, 16 West Long Street, Columbus, Ohio 43215 and authorizes the transfer, appropriation, and expenditure of cash (AC Humko II TIF service payments in lieu of taxes) in Fund 7788, the Harrison West Recreation Park Fund in an amount up to One Million Four Hundred Thirty Thousand Dollars ($1,430,000.00) for payment of all costs associated with the acquisition, securing of the real property, and closing costs. Ordinance No. 1555-2017 determined that satisfactory provision had been made for the public improvements benefiting the AC Humko II TIF parcels in order to allow those service payments to be used in support of offsite neighborhood public improvements, which include, but are not limited to, the acquisition of real estate in aid of industry, commerce, distribution, research. The legislation is presented as an emergency measure.
Fiscal Impact: Funding of $1,430,000.00 is available within Fund 7788, the Harrison West Recreation Park Fund to pay the costs associated with the acquisition and closing. A transfer of funding between projects and appropriation will be necessary.
Emergency Justification: Emergency action is requested to allow for the immediate execution of the purchase agreement by the City so that the acqui...
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