Explanation
The Columbus Zoological Park Association ("Zoo"), leases land from the City and Franklin County ("County") to operate the Columbus Zoo. The Zoo subleases a portion of that land to Zoombezi Bay LLC ("Zoombezi") for a water park. In 2008, the City entered into an "Agreement Regarding Lease" by and among itself the Franklin County Board of Commissioners ("County"), Huntington National Bank ("Huntington"), and the Zoo, to secure the bank's loan of $20,000,000.00 to Zoombezi to construct a water park. As part of its operation, the Zoombezi is preparing for the construction of a new water slide. The Huntington has agreed to loan Zoombezi $2,500,000.00 to fund construction of the slide, contingent upon the City's and County's agreement to secure the bank's loan by entering into an entirely separate, independent second priority leasehold mortgage lien on the sublease agreement. The following legislation authorizes the Director of the Recreation and Parks Department to execute those documents, on behalf of the City, necessary to enter into an "Agreement Regarding Lease" by and among the City, County, Huntington and Zoo to allow for the construction of a new water slide.
Fiscal Impact: N/A
Emergency Justification: Emergency action is requested to authorize the immediate execution of the subject agreements as not to delay the construction of the water park's new water slide.
Title
To authorize the Director of the Recreation and Parks Department to execute those documents, on behalf of the City, necessary to enter into an "Agreement Regarding Lease" by and among the City, Franklin County, the Huntington National Bank, and the Zoo to provide security for a loan to Zoombezi Bay LLC for the construction of a new water slide at Zoombezi Bay Water Park; and to declare an emergency.
Body
WHEREAS, the Columbus Zoological Park Association ("Zoo"), leases land from the City and Franklin County ("County") to operate the Columbus Zoo; an...
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