City of Columbus - File #: 1953-2007

• File #: 1953-2007
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 11/14/2007
• In control: Recreation & Parks Committee
• On agenda: 11/26/2007
• Final action: 11/28/2007
• Title: To authorize the Director of Recreation and Parks Department to enter into an Assignment of Option Contract with the Wagenbrenner Investment Company; to exercise the option to purchase real property under the assigned Option Contract; to authorize the expenditure of up to $1,603,000; 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
11/28/2007	1	MAYOR	Signed
11/28/2007	1	CITY CLERK	Attest
11/26/2007	1	Columbus City Council	Waive the 2nd Reading	Pass
11/26/2007	1	Columbus City Council	Approved	Pass
11/26/2007	1	COUNCIL PRESIDENT	Signed
11/16/2007	1	REC & PARKS DIRECTOR	Reviewed and Approved
11/16/2007	1	Rec & Parks Drafter	Sent for Approval
11/16/2007	1	Auditor Reviewer	Reviewed and Approved
11/16/2007	1	CITY AUDITOR	Reviewed and Approved
11/16/2007	1	Atty Drafter	Sent for Approval
11/16/2007	1	CITY ATTORNEY	Reviewed and Approved
11/16/2007	1	City Clerk's Office	Sent back for Clarification/Correction
11/16/2007	1	Atty Drafter	Sent to Clerk's Office for Council
11/15/2007	1	Finance Reviewer	Reviewed and Approved
11/15/2007	1	FINANCE DIRECTOR	Reviewed and Approved
11/15/2007	1	Atty Drafter	Sent for Approval
11/14/2007	1	Atty Drafter	Sent for Approval
11/14/2007	1	Atty Reviewer	Reviewed and Approved
11/14/2007	1	Atty Drafter	Sent for Approval
11/14/2007	1	REC & PARKS DIRECTOR	Reviewed and Approved
11/14/2007	1	Rec & Parks Drafter	Sent for Approval
11/14/2007	1	Finance Reviewer	Reviewed and Approved

Explanation

Council by Ordinance No. 0670-2004, passed on April 26, 2004, approved the creation of the Harrison West
Redevelopment Incentive District. Service payments in lieu of taxes are diverted to the Harrison West Municipal Public Improvement Tax Increment Equivalent Fund and in accordance with Ordinance No. 0670-2004, are intended to finance
parkland acquisition, park improvements and other public improvements benefiting the TIF District. To pay for the acquisition of additional parkland and the construction of park improvements, the Columbus-Franklin County Finance
Authority has agreed to issue bonds backed by the TIF service payments which upon passage and approval of Ordinance No. 1855-2007 the City agrees to assign to the Authority. It is anticipated that approximately $3.2 million in bond proceeds will
be deposited with the City and available for the acquisition and future park improvements. This ordinance authorizes the first stage of the development of thepark by authorizing the Director of Recreation and Parks to acquire additional real property abutting on the north of previously dedicated parkland. The property is currently owned by Donald and Anna Compton, Trustees. The Wagenbrenner Investment Company, ("Wagenbrenner"), the redeveloper of the former AC Humko site, has entered into an Option Agreement for the purchase of the Compton property. The option to purchase must be exercised before December 31, 2007. This ordinance will authorize the Director to enter into an Assignment of the Option Agreement with Wagenbrenner, reimbursing Wagenbrenner for expenses incurred for environmental assessments of the property, a legal survey and other acquisition related expenses which are estimated not to exceed $26,000. After executing the Assignment of Option and receipt of the bond proceeds by the City, the Director will be authorized to exercise the Option Agreement and purchase the property. Depending on the date of closing on...