Explanation
[Background: In December 2003 the City of Columbus, as landlord, and Columbus Urban Growth Corporation, as tenant, entered into a long-term lease with option to purchase, for 74 acres of the former Northland Mall site. After a year and a half it has become necessary to make some technical amendments to the lease to facilitate redevelopment of the site and to make some adjustments to the schedule of payments to the City upon the exercise of the option to purchase by Columbus Urban Growth Corporation. This ordinance will authorize the Director of Development to execute the Amended and Restated Lease Agreement which incorporates these changes. A copy is attached to this ordinance.
Fiscal Impact:
Emergency Justification: Emergency is requested to allow the immediate authorization of the execution of the Amended and Restated Lease Agreement, without delay, in order to facilitate the redevelopment of the former Northland Mall site and subsequent benefits to the City.
Title
To authorize the Director of Development to execute an Amended and Restated Lease Agreement between the City of Columbus and Columbus Urban Growth Corporation for seventy-four (74) acres of the former Northland Mall site and to declare an emergency.
Body
WHEREAS, The City of Columbus and Columbus Urban Growth Corporation ("CUGC") entered into a lease with option to purchase dated December 24, 2003 for 74 acres of the former Northland Mall site; and
WHEREAS, the City and CUGC desire to modify the lease to make some technical changes to better administer the lease and to increase the amount of payments due the City upon the sale of parcels by CUGC under its option to purchase; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development, in that it is immediately necessary to authorize the execution of the Amended and Restated Lease Agreement between the City and CUGC, in order to facilitate the redevelopment of the ...
Click here for full text