Explanation
BACKGROUND: In June 2004, in response to a petition from Columbus Downtown Development Corporation ("CDDC"), this Council approved the creation of The RiverSouth Authority (the "Authority"). The Authority then entered into a Master Lease Agreement and a First Supplemental Lease Agreement with the City in support of the Authority's issuance to $37,870,000 of RiverSouth Area Redevelopment Bonds, 2004 Series A (the "2004 Series A Bonds") to pay costs of CDDC's acquisition of the former Lazarus properties and redevelopment initiatives in and for the area of Downtown Columbus generally known as the "RiverSouth Area". Under the First Supplemental Lease, City Council approval is required for the Authority's release of the $10,000,000 of the proceeds of the 2004 Series A Bonds currently held in the RiverSouth Area Redevelopment Project Fund (the "Project Fund").
Recent public and private investments have made RiverSouth an emerging neighborhood. Construction for the Main Street Bridge has been underway for several years, and the Lazarus Building has been renovated into premier "green" office space and is 99% leased. The Scioto Mile Park is set to begin construction in May and the municipal garage will be completed in the spring of 2009. In addition, a moderately priced housing development, featuring both rental and for-sale units, will be constructed on four empty lots just south of the Lazarus Building, providing an important housing product downtown.
This ordinance authorizes the release of $5,010,609 from the Project Fund i.e., $2,835,609 to fund the construction of neighborhood amenities such as brick sidewalks, granite curbs and landscaping in the RiverSouth Area, $2,000,000 to prepare four blocks of former Lazarus land for the construction of a residential housing development, including environmental remediation and subsurface site preparation work, and $175,000 in order to reimburse CDDC for engineering and planning costs associated with the...
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