Explanation
BACKGROUND:
With the acquiescence of the City, Capitol South Community Urban Redevelopment Corporation has accumulated ground rents that would otherwise be payable to the City for the periods ending June 30, 2006 and December 31, 2006, with a view to (a) advancing a downtown parking development program pursuant to the results of the parking study commissioned by the City pursuant to Ordinance No. 0628-2007, and (b) allowing Capitol South to make a contribution on behalf of the City in support of the Capital Crossroads Special Improvement District. In addition, Capitol South has changed its fiscal year from a period ending June 30 to a period ending December 31 and has requested that the Rental Payment Schedule under the July 30, 2001 Operative Agreement between the City and Capitol South be revised to reflect this change in Capitol South's fiscal year.
This legislation authorizes the Director of Finance and Management to enter into an amendment to the July 30, 2001 Operative Agreement between the City and Capitol South, which (i) revises the Rental Payment Schedule and other provisions to reflect the change in Capitol South's fiscal year from a year ending June 30, to a year ending December 31; (ii) allows Capitol South to hold from ground rents that would otherwise be payable to the City at this time, the sum of $600,100.00 and to use so much thereof as may be required to (a) facilitate the design of, and provide assistance to the City with respect to land acquisition for two downtown parking facilities, (b) facilitate the creation of a special assessment district to support the construction and/or operation of such downtown parking facilities, and (c) facilitate the creation of one or more non-school tax increment financing districts to support the downtown parking and other initiates, (iii) directs Capitol South to hold from grounds rents that would otherwise be payable to the City at this time, the sum of $187,900 and to pay the same to ...
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