Title
To oppose passage of proposed petition initiated ordinance 3042-2013, which purports to prohibit appropriations for the purpose of financing Nationwide Arena and would undermine the continued vibrancy and development of the Arena District and the Short North.
Body
WHEREAS, Columbus City Council passed ordinance 1596-2011 on October 3, 2011, “to authorize the Mayor and/or Director of Finance and Management to enter into a Lease Agreement and Sublease Agreement on behalf of the City among Franklin County, the Franklin County Convention Facilities Authority, and the City, and any other necessary agreements, for the purpose of facilitating part of the financing necessary for the Franklin County Convention Facilities Authority to purchase, operate and maintain Nationwide Arena, and to approve loan arrangements with the State of Ohio and the issuance of arena lease revenue bonds by the Franklin County Convention Facilities Authority for such purpose”; and
WHEREAS, Council passed the ordinance to support the continued vitality and development of the Arena District and the Short North, successful commercial and residential neighborhoods that support thousands of jobs; contribute millions of dollars in economic activity to the local economy; attract tourists, visitors, and national events and conventions to our community; and generate income tax revenue that funds programs, services, and investments in neighborhoods throughout the entire city; and
WHEREAS, over $1 billion in public and private investment has transformed a formerly depressed downtown area into the Arena District, a thriving urban neighborhood that is now home to more than 1,000 residents, two million square feet of office space, more than 170 businesses and approximately 10,000 jobs; and
WHEREAS, the Arena District and Short North are vital components of downtown Columbus, an employment center that is home to approximately a quarter of all jobs in Columbus and generates more than $100 million ...
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