Explanation
Background: Pursuant to Ordinance 1080-2010, passed by City Council July 12, 2010 and as amended, the City entered into an Underground Limestone Mining Lease with Columbus Limestone, Inc. (CLI), a subsidiary of Shelly Materials, Inc., for subsurface (underground) mining of limestone and other minerals under that City-owned property, containing approximately 52 acres, located at 2500 Jackson Pike, Columbus Ohio. During mining activities conducted by CLI certain subsidence incidents occurred that were unanticipated by the parties at the time of execution of the Lease.
To reduce the probability of future similar occurrences the parties agreed to modify mining areas and procedures as set forth in the Lease. In order to eliminate any incidence of subsidence and allow CLI to continue its mining operation at this site, the City and CLI have agreed to cease all mining activities allowed the Underground Limestone Mining Lease and the City has agreed to sell CLI a 4.687 acre portion of a 52.087 acre tract of City-owned real property identified as Franklin County Tax Parcel 570-181425, located on State Route 104 (Jackson Pike) for surface mining. The purchase price for the 4.687 acre tract is Two Hundred Ninety-Three Thousand Dollars ($293,000.00).
This legislation authorizes the Director of the Department of Finance and Management to execute those documents necessary to enter into a purchase contract with Columbus Limestone, Inc. for the sale of a 4.687 acre portion of the City’s property identified as Franklin County Tax Parcel 570-181425, to execute a quitclaim deed and any ancillary documents necessary to grant fee simple title to said property, and to execute a Second Amendment To Underground Limestone Mining Lease terminating CLI’s right to conduct mining activities under the Lease and confirming that City has no obligations to repay any of the Advance Royalty received under the Lease.
Fiscal Impact: The total amount of the sale is $293,000 and the ...
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