Explanation
Background: In 1992 the City acquired real property to house a renovated and expanded North Market and to replace the existing market building located at 29 Spruce Street. Pursuant to Ordinance No. 2511-95 enacted by Columbus City Council, the City and the North Market Development Authority, Inc. entered into a Lease Agreement for a twenty (20) year term for that renovated real property located at 59 Spruce Street, further identified as Franklin County Tax Parcel 010-54645, commonly known today as the “North Market”, for use and operation of a public market and related ancillary uses. The current lease agreement expires on December 31, 2015 thus necessitating the need for a new lease agreement to allow the North Market to continue operating. The North Market is a popular destination for Columbus residents and tourists and attracts over one (1) million visitors per year.
This legislation authorizes the Director of the Department of Finance and Management to enter into a new lease agreement with the North Market Development Authority, Inc. This ordinance also authorizes the City Auditor to establish a sub-fund in Fund 294 into which rent proceeds from the lease will be placed. These proceeds will be used solely for capital costs related to the repair and replacement of interior and exterior building components, and for equipment associated with the building that has reached the end of its useful life.
Emergency action is requested to allow for the continued operation of the North Market without delay or interruption.
Fiscal Impact: The City will receive rental funds for the term of the lease which will be deposited in a sub-fund established under Fund 294, to be used to support the capital costs associated with the real property for the repair and replacement of interior and exterior building components and equipment at the North Market that have reached the end of their useful life.
Title
To authorize the Director of the Department of Finance...
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