Explanation
The Franklin County Convention Facilities Authority (FCCFA) has requested the city’s consent pursuant to Section 9.04 of the 1990 lease and Section 9.03 of the 1990 Sub-Lease between the City and FCCFA to proceed with their issuance of parking garage improvement revenue bonds. These Series 2014 bonds, presently estimated not to exceed $18,000,000, will be issued to construct an approximately 900 car parking garage on Goodale Street (the “Goodale Street Parking Garage Project”). These bonds will be payable solely from parking revenues resulting from the operation of all FCCFA owned parking facilities.
To facilitate the issuance of this debt, the FCCFA must receive the city’s consent for this bond issuance. There is no financial impact to the City of Columbus.
This ordinance is submitted as an emergency to allow the FCCFA to take advantage of favorable market conditions.
Title
To consent to the issuance of parking garage improvement revenue bonds by the Franklin County Convention Facilities Authority; and to declare an emergency.
Body
WHEREAS, the City of Columbus, Ohio (the “City”) has entered into a Lease Agreement dated as of June 1, 1990 (as the same has been amended and supplemented from time to time, the “1990 Lease”) from The Franklin County Convention Facilities Authority (the “FCCFA”), as lessor, to the County of Franklin, Ohio (the “County”) and the City, as lessees and tenants in common, with respect to the convention facility known as “The Greater Columbus Convention Center” (the “Convention Center Facility”), and (b) a Sub-Lease Agreement dated as of June 1, 1990 (as the same has been amended and supplemented from time to time, the “1990 Sub-Lease”) from the County and the City, as lessors, to the FCCFA, as lessee, with respect to the Convention Center Facility; and
WHEREAS, the FCCFA has previously issued its $16,000,000 Parking Garage Improvement Revenue Bonds, Series 2011, dated December 6, 2011 (the “2011 Bonds”) to finance...
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