Explanation
Background: The Dublin Road Water Plant is to undergo a plant expansion that requires the demolition of the 910 Dublin Road office building making it necessary for the Department of Public Utilities to acquire office space as a replacement. Ordinance 3285-2025 authorized the Director of Development, on behalf of the Department of Public Utilities, to execute those documents necessary to enter into a Lease Agreement with CDDC Holdings 37, LTD, an Ohio limited liability corporation, and the RiverSouth Authority (“RSA”), as may be required, for the lease of approximately 145,639 rentable square feet of office space (“Leased Premises”) within the building located at 37 West Broad Street, Columbus, Ohio, Franklin County Tax Parcel Number 010-027268 (“Parcel”). The Lease Agreement will contain a provision, subject to the future appropriation of funds by City Council and the certification of funds availability by the City Auditor, for the purchase of the entire Parcel, which includes the Leased Premises, basement area, a restaurant space, and an underground parking garage along with a surface parking lot above the garage. This legislation authorizes the purchase of this real estate and a leaseback of the parking garage and restaurant space from CDDC Holdings 37, LTD. in accordance with the terms and condition stipulated in the existing Lease to CDDC Holdings 37, LTD.
Emergency action is requested in order for the purchase provision within the Lease authorized by Ordinance 3285-2025 to be exercised so the City of Columbus, Department of Public Utilities, can take ownership of the property at the earliest possible date to support the capacity needed for bond financing of additional projects in Downtown.
Fiscal Impact: The purchase price of $34,529,255.00 will be sourced from $14,101,748.00 from the Water Operating Fund, $4,706,337.00 from the Stormwater Operating Fund, and $15,721,170.00 from the Sanitary Sewer Operating Fund. ($34,529,255.00)
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