Explanation
Background: The closing of the Scioto Mile Fountain and the construction of the new fountain and park amenities at Bicentennial Park has negatively effected the operation of the Milestone 229 restaurant, located adjacent to the Fountain. The closing of the Fountain and the construction activity have contributed to a significant reduction in the number of guests visiting the restaurant. The following legislation authorizes the Director of the Department of Finance and Management, to execute a Fifth Amendment to Lease Agreement necessary to grant KA Restaurant Concepts LLC a reduction in rent for its Milestone 229 restaurant during the period of this construction project to support the continued operation of the restaurant as part of the amenities of Bicentennial Park
Fiscal Impact: The City’s rental income will be reduced during the term of the construction that is presently estimated to be completed by June 1, 2024.
Emergency Action: This legislation is presented as emergency in order for the rent reduction to be effective at the earliest date possible to support the continued operation of the restaurant as part of the amenities of Bicentennial Park.
Title
To authorize the Director of the Department of Finance and Management to execute a Fifth Amendment to Lease Agreement with KA Restaurant Concepts LLC to reduce the rent during the period of the construction project to replace the Scioto Mile Fountain; and to declare an emergency.
Body
WHEREAS, the City is the owner of certain real property, commonly known as Bicentennial Park, containing a restaurant facility located at 229 Civic Center Drive; and
WHEREAS, the City leases the restaurant facility to KA Restaurant Concepts, LLC by that Lease Agreement effective January 1, 2020; and
WHEREAS, the closing of the Scioto Mile Fountain and the construction of the new fountain and park amenities at Bicentennial Park has significantly reduced the number of guests patronizing the restaurant; and ...
Click here for full text