Explanation
Pursuant to provisions of certain lease and sublease agreements between the City of Columbus (City) and the Franklin County Convention Facilities Authority (FCCFA) with respect to the Greater Columbus Convention Center; the consent of the City is required prior to the issuance of notes, bonds or other obligations of the FCCFA. This ordinance will provide such consent for the FCCFA to issue $6,000,000 in parking garage improvement revenue bonds (2019 Bonds). The 2019 Bonds will be used to finance additional costs of constructing the Ohio Center Parking Garage Project and to finance a portion of the cost of the Ohio Center Parking Garage Project. The 2019 Bonds will be payable solely from the revenues received by or on behalf of the FCCFA with respect to the Convention Center Parking Facilities, and the 2019 Bonds may be purchased by the County Treasurer. Other than providing consent for the issue of 2019 Bonds, the City has no financial obligation regarding the development of the Ohio Center Parking Garage.
Title
To consent to the issuance of parking garage improvement revenue bonds by the Franklin County Convention Facilities Authority to finance additional costs associated with the Ohio Center Parking Garage Project; and to declare an emergency.
Body
WHEREAS, the Franklin County Convention Facilities Authority (the “FCCFA”) has previously issued its (a) $16,000,000 Parking Garage Improvement Revenue Bonds, Series 2011, dated December 6, 2011 (the “2011 Bonds”) to finance the expansion of the FCCFA’s parking garage on Vine Street (the “Vine Street Parking Facility”), (b) $18,000,000 Parking Garage Improvement Revenue Bonds, Series 2014, dated July 28, 2014 (the “2014 Bonds”) to finance the construction of an approximately 800 car parking garage facility on East Goodale Street in Columbus, Ohio (the “Goodale Street Parking Facility”), and (c) $18,000,000 Parking Garage Improvement Revenue Bonds, Series 2018 dated May 1, 2018 (the “2018 Bon...
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