Explanation
BACKGROUND: In June 2004, in response to a petition from the Columbus Downtown Development Corporation ("CDDC"), this Council approved the creation of The RiverSouth Authority and made initial appointments to its Board of Trustees. The Authority then entered into a Master Lease Agreement and a First Supplemental Lease Agreement with the City in support of the Authority's issuance of its $37,870,000 RiverSouth Area Redevelopment Bonds, 2004 Series A (the "2004 Series A Bonds") to pay costs of CDDC's acquisition of the former Lazarus properties and redevelopment initiatives in and for the RiverSouth District. This ordinance authorizes the City to enter into a Second Supplemental Lease Agreement with The RiverSouth Authority in connection with the continued redevelopment and revitalization of the RiverSouth District and the surrounding area, and authorizes the Director of the Department of Development to execute the Second Supplemental Lease Agreement.
FISCAL IMPACT: No funding is required for this legislation until 2008. Commencing in 2008 and thereafter, the City will need to budget for payments under the Second Supplemental Lease Agreement which will be the source of annual debt service payments for a period not to exceed twenty (20) years on The RiverSouth Authority's 2005 bond issue that will finance the continued revitalization of the RiverSouth Area.
Title
To authorize the City to enter into a Second Supplemental Lease Agreement with The RiverSouth Authority in connection with and supporting redevelopment and revitalization of the RiverSouth District and the surrounding area; and to authorize the Director of the Department of Development to execute the Second Supplemental Lease Agreement.
Body
WHEREAS, in order to create or preserve jobs and employment opportunities and to improve the economic welfare of the people of the City of Columbus, Ohio (the "City"), this Council desires to provide for the continued red...
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