Explanation
Background: In 2004, as necessary to its Lane Avenue Improvement Project, the City removed a rooftop mounted advertising sign owned by Clear Channel Outdoor, Inc. ("CCO") from the northwest corner of High Street and Lane Avenue, which as a result terminated CCO's leasehold interest. The City owes CCO just compensation for the removal of the sign, including CCO's leasehold interest. Subsequently, the City purchased property on Spring Street for the North Banks Park on which CCO had a lease for a billboard. The settlement agreement provides that compensation due from the City for the Lane Avenue billboard and leasehold interest shall be satisfied by the City granting a five year lease to CCO for the billboard on the Spring Street property, at an increased rental payment, transferring a 0.5 acre tract of city owned land off of Hamilton Road and agreeing not to terminate CCO's existing billboard lease on the CSX owned property at the northwest corner of Vine and Neil in the event the City purchases the property for an odor control facility for the Division of Sewerage and Drainage. The following legislation authorizes the Director of the Department of Recreation and Parks Department to execute the necessary settlement agreement between the City and CCO.
Fiscal Impact: N/A
Emergency Justification: N/A
Title
To authorize the Director of the Department of Recreation and Parks to execute those documents necessary to enter into and carry out a settlement agreement between the City and Clear Channel Outdoor, Inc.; and to the extent they may be applicable, to waive the competitive bidding and Land Review Commission requirements of the Columbus City Codes (1959) Revised.
Body
WHEREAS, in 2004, as necessary to its Lane Avenue Improvement Project, the City removed a rooftop mounted advertising sign owned by Clear Channel Outdoor, Inc. ("CCO") from the northwest corner of High Street and Lane Avenue, which resulted in the termina...
Click here for full text