Explanation
The Franklin County Convention Facilities Authority (FCCFA) has requested the city's consent pursuant to Section 9.04 of the lease and sublease between the City and FCCFA to proceed with their issuance of parking garage improvement revenue bonds. These bonds will be used by the FCCFA to expand the Vine Street Parking Garage and such bonds will be payable solely from the revenues of the Vine Street Parking Garage, as expanded.
The FCCFA has been working with Franklin County Treasurer's office to provide a cost effective financing plan for the $16 million expansion of the Vine Street Parking Garage. This garage is adjacent to the Hilton Columbus Downtown Hotel and will provide parking for the hotel and a new office development planned by Nationwide Reality Investors.
To facilitate the issuance of this debt with the County Treasurer, the FCCFA needs to receive the city's consent for this bond issuance. There is no financial impact to City of Columbus.
Title
To consent to the issuance of parking garage improvement revenue bonds by The Franklin County Convention Facilities Authority; and to declare an emergency.
Body
WHEREAS, the City of Columbus, Ohio (the "City") has entered into a Lease Agreement dated as of June 1, 1990 (as the same has been amended and supplemented from time to time, the "1990 Lease") from The Franklin County Convention Facilities Authority (the "FCCFA"), as lessor, to the County of Franklin, Ohio (the "County") and the City, as lessees and tenants in common, with respect to the convention facility known as "The Greater Columbus Convention Center" (the "Convention Center Facility") which includes a parking garage located on Vine Street (the "Vine Street Garage"), and (b) a Sub-Lease Agreement dated as of June 1, 1990 (as the same has been amended and supplemented from time to time, the "1990 Sub-Lease") from the County and the City, as lessors, to the FCCFA, as lessee, with respect to the Convention Center Facili...
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