Explanation
Background: The City owns fee title to the Deaf School Office Building and adjoining parking lot, the "DSOB", located at 400 E. Town Street. In 2004, at the request of the City, Capitol South Community Redevelopment Corporation, "Capitol South", purchased the long-term leasehold interest in the DSOB from PNL, LLC for $1.8 million. At that time the City anticipated reimbursing Capitol South and relocating offices for Recreation and Parks into the DSOB. Subsequently, it was decided to move Recreation and Parks to 1111 East Broad St. The DSOB was offered for sale. A stakeholder committee comprised of the City, Capitol South, Columbus Landmark Foundation and the area business community evaluated various proposals and recommended selling DSOB for $2.25 million to Campus Apartments, LLC or its assignee or designee. Campus Apartments' proposal would convert the DSOB to residential rental units utilizing federal historic tax credits. Under the proposed sales agreement Capitol South would surrender its leasehold interest for its investment in purchasing and maintaining the DSOB which amount, depending on the date of closing, is estimated to be $2,062,700.00. The City will retain the balance of $152,300.00. This ordinance authorizes the Executive Director of Recreation and Parks to enter into the sale agreement.
Fiscal Impact: Proceeds from this transaction shall be deposited in the Recreation and Parks Permanent Improvement Fund.
Emergency Justification: Emergency action is requested to allow this acquisition to proceed in agreement with the proposed June closing transaction deadline and other terms and conditions of the purchase contract.
Title
To authorize the Executive Director of the Recreation and Parks Department to enter into agreement with Capitol South Community Urban Redevelopment Corporation and Campus Apartments for the sale of the City owned Ohio Deaf School Office Building, and to the extent they may be applicable, ...
Click here for full text