Explanation
BACKGROUND: This ordinance authorizes the City to enter into a Lease Agreement and Supplemental Lease Agreement with The RiverSouth Authority in connection with the redevelopment and revitalization of the Scioto Peninsula, and authorizes the Director of Finance and Management to execute the Lease Agreement and Supplemental Lease Agreement.
FISCAL IMPACT: No funding is required for this legislation until 2018.
Title
To authorize the City to enter into a Lease Agreement and Supplemental Lease Agreement with The RiverSouth Authority in connection with and supporting redevelopment and revitalization of the Scioto Peninsula, and to authorize the Director of Finance and Management to execute the Lease Agreement and Supplemental Lease Agreement.
Body
WHEREAS, in order to create or preserve jobs and employment opportunities and to improve the economic welfare of the people of the City of Columbus, Ohio (the “City”), this Council desires to provide for the redevelopment and revitalization of that certain area of the City’s downtown, being generally the approximately 56-acre area of the western downtown riverfront depicted on Exhibit A attached hereto (the “Scioto Peninsula Area”); and
WHEREAS, the City acknowledges that the redevelopment and revitalization of the Scioto Peninsula Area is a continuation of the ongoing redevelopment of the City’s downtown area, being generally the area bounded by the first railroad tracks west of the Scioto River and along SR 315 on the west, I-670 on the north, I-71 on the east, and I-70 on the south, as depicted on Exhibit A attached hereto (“Downtown Columbus”); and
WHEREAS, in October 2000, the City commissioned a study (the “Study”) to identify redevelopment opportunities in Downtown Columbus and the Ohio General Assembly appropriated $1.3 million to support that Study; and
WHEREAS, in 2002, based on the results of the Study, the Capitol South Community Urban Redevelopment Corporation (“Capitol South”) initiated t...
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