City of Columbus - File #: 1638-2008

• File #: 1638-2008
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 10/9/2008
• In control: Finance & Economic Development Committee
• On agenda: 10/20/2008
• Final action: 10/20/2008
• Title: To authorize the Director of Finance and Management to execute an Assignment of Real Estate Purchase Contract with Capitol South Community Urban Redevelopment Corporation; to authorize the purchase of real property under the Real Estate Purchase Contract; to authorize the expenditure of up to $3,007,000; and determining that such actions are necessary pursuant to Section 55(b) of the Charter of the City of Columbus.

Date	Ver.	Action By	Action	Result
10/22/2008	1	CITY CLERK	Attest
10/20/2008	1	Columbus City Council	Waive the 2nd Reading	Pass
10/20/2008	1	Columbus City Council	Approved	Pass
10/20/2008	1	COUNCIL PRESIDENT	Signed
10/20/2008	1	MAYOR	Signed
10/10/2008	1	Auditor Reviewer	Reviewed and Approved
10/10/2008	1	CITY AUDITOR	Reviewed and Approved
10/10/2008	1	Atty Drafter	Sent for Approval
10/10/2008	1	CITY ATTORNEY	Reviewed and Approved
10/10/2008	1	Atty Drafter	Sent to Clerk's Office for Council
10/9/2008	1	Atty Drafter	Sent for Approval
10/9/2008	1	Atty Reviewer	Reviewed and Approved
10/9/2008	1	Atty Drafter	Sent for Approval
10/9/2008	1	Finance Reviewer	Reviewed and Approved
10/9/2008	1	Finance Reviewer	Reviewed and Approved
10/9/2008	1	FINANCE DIRECTOR	Reviewed and Approved
10/9/2008	1	Atty Drafter	Sent for Approval

Explanation

This ordinance authorizes the purchase of the real property for the parking garage at the southeast corner of the intersection of Fourth and Elm Streets in Downtown Columbus. The real property is a 0.911 acre tract currently owned by Westwater Company. Capitol South Community Urban Redevelopment Corporation has negotiated a purchase agreement for the property and has agreed to assign the Purchase Contract to the City for the construction of the new parking garage.

Fiscal Impact

The funding for the purchase of the property will come from the Parking Garage Enterprise Fund. These funds were transferred from the Special Income Tax Fund and should be considered a temporary measure until bonds or notes are sold to reimburse the fund. Ordinance 0109-2008 appropriated $15,000,000 for the 4th Street Parking Garage.


Title

To authorize the Director of Finance and Management to execute an Assignment of Real Estate Purchase Contract with Capitol South Community Urban Redevelopment Corporation; to authorize the purchase of real property under the Real Estate Purchase Contract; to authorize the expenditure of up to $3,007,000; and determining that such actions are necessary pursuant to Section 55(b) of the Charter of the City of Columbus.


Body

WHEREAS, this Council previously adopted Resolution 0132X-2008 (the "Resolution of Necessity") on July 14, 2008, which declared the necessity of acquiring, constructing, installing, equipping, and improving off-street parking facilities at the southeast corner of the intersection of Fourth and Elm Streets, and acquiring interests in the site thereof, together with all necessary and proper appurtenances, all as shown on the Plans and Specifications on file in the office of the Clerk of Council (the "Project"); and

WHEREAS, Council passed Ordinance No.1632-2008 determining to proceed with the construction of the Project, including the acquisition of the real property for the garage; and

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