Explanation
The City is owner of that real property located at 175 South Third Street. In 1985, Capitol South Community Urban Redevelopment Corporation ("Capitol South") entered into a 99 year renewable lease agreement with the City for the South Third Street real property as part of the redevelopment of the area. As ground rent for the site and for all of the other property leased by the City to Capitol South in the original Capitol South Project Area, Capitol South pays to the City 90% of its not Cash Flow, as defined in the operative agreement between the City and Capitol South. Downtown Tiano III Ltd, a Limited Liability Company, ("Tiano") presently subleases the S. Third Street property from Capitol South and is interested in purchasing the parcel and Capitol South's leased interest in the land. The agreed upon estimated fair market price of the combined interests of the City and Capitol South has been appraised at $470,000.00. Capitol South has requested the City allow all the proceeds from the sale, after selling expenses, to go to Capitol South and be subject to the existing Operative Agreement as cash flow. The following legislation authorizes the Director of the Department of Finance and Management to execute those documents on the behalf of the City of Columbus necessary enter into a sale contract with Capitol South Community Urban Redevelopment Corporation to convey fee simple title that City owned real property commonly known as 175 South Third Street, Columbus, Ohio.
Fiscal Impact: No Funding is required for this legislation.
Emergency Justification: N/A
Title
To authorize the Director of the Department of Finance and Management to enter into a sale contract for the conveyance of the City's interest in a 0.4759 acre property, commonly known as 175 South Third Street, to Capitol South Community Urban Redevelopment Corporation to execute a quit claim deed conveying such property and to enter into and execute other documents per...
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