Explanation
BACKGROUND: In June 2004, in response to a petition from Columbus Downtown Development Corporation ("CDDC"), this Council approved the creation of The RiverSouth Authority (the "Authority"). The Authority then entered into a Master Lease Agreement and a First Supplemental Lease Agreement with the City in support of the Authority's issuance to $37,870,000 of RiverSouth Area Redevelopment Bonds, 2004 Series A (the "2004 Series A Bonds") to pay costs of CDDC's acquisition of the former Lazarus properties and redevelopment initiatives in and for the area of Downtown Columbus generally known as the "RiverSouth Area". Under the First Supplemental Lease, City Council approval is required for the Authority's release of the $10,000,000 of the proceeds of the 2004 Series A Bonds currently held in the RiverSouth Area Redevelopment Project Fund (the "Project Fund").
Recent public and private investments have made RiverSouth an emerging neighborhood. Construction for the Main Street Bridge has been underway for several years, and the Lazarus Building has been renovated into premier "green" office space and is 99% leased. The Scioto Mile Park is set to begin construction in May and the municipal garage will be completed in the spring of 2009. In addition, a moderately priced housing development, featuring both rental and for-sale units, will be constructed on four empty lots just south of the Lazarus Building, providing an important housing product downtown.
This ordinance authorizes the release of final bond funds in the amount of $503,670 from the Project Fund i.e., (a) $253,670 to fund repairs necessary to repair the structure beneath Wall Street and Chapel Street at The Lazarus Building, and (b) $250,000 assist with funding the demolition of the sky bridge over High Street and the creation of street level retail space in The Lazarus Building. This funding will augment the anticipated 2008 State Capital funding.
This ordinance is submitted as an em...
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