Explanation
Background: The City of Columbus has leased to Capitol South Community Urban Redevelopment Corporation (hereinafter “Capitol South”) that certain real property identified as Franklin County Tax Parcel 010-205797, 232-264 S. High Street, associated with the former City Center Mall sites (now the “Columbus Commons”) for a term of 99 years, renewable forever. After conducting a competitive process, Capitol South has identified a team of well recognized local developers, Daimler and Kaufman Development, (the “Developer”) who are interested in developing the property tract consisting of 0.755 acres located along High Street between Main Street and Rich Street (the “High Street Lot”) for residential office and retail improvements. Capitol South proposes to release its leasehold interest as to the High Street Lot, acquire the City’s fee title to the High Street Lot and the City’s consent to and/or grant of the associated easements for future consideration arising from the terms of Operative Agreement between the City and Capitol South, as amended, entered into July 30, 2001, all of which conveyance shall be conditioned on the Developer proceeding to closing. Capitol South proposes to convey title to the High Street Lot to the Developer at closing for a purchase price of $1.5 million which will be subject to the terms of the Operative Agreement. The Developer proposes to develop a 10-12 story building containing office, retail and approximately 150 market rate apartments. The project will be connected to the Columbus Commons Main Garage for direct pedestrian access to parking.
The City’s Cherry Street Sewer runs through the High Street Lot. The City will reserve an easement for the operation and maintenance of the Cherry Street Sewer from any conveyance of the High Street Lot and will impose terms and conditions necessary to protect such sewer from damage. The Columbus Commons Main Garage is already constructed over the Cherry Street Sewer on the adja...
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