Explanation
Background: The City of Columbus has leased to Capitol South Community Urban Redevelopment Corporation (hereinafter “Capitol South”) that certain real property identified as Franklin County Tax Parcel 010-211623, 225 S. Third Street, consisting of approximately 1.2933 acres located along Third Street at the corner of Rich Street (the “Third Street Lot”) associated with the former City Center Mall sites (now the “Columbus Commons”) for a term of 99 years, renewable forever. After conducting a competitive process, Capitol South has identified a team of well recognized local developers, Daimler Group and Kaufman Development, partners under Two 25 Commons LLC (the “Developer”) interested in developing a portion of the Third Street Lot, consisting of the real property described in the legal description attachment hereto, (hereinafter the “Property”), with construction of a twelve-story building containing office, retail and residential uses (“Two25 Commons Project”). Capitol South proposes to acquire the City’s fee title to the Property. Capitol South proposes to convey title to the Property to the Developer, reserving necessary easements for utilities, signs, and improvements and subject to other restrictions of record, for a purchase price of $2.4 million. The net proceeds from the sale are subject to the terms of the Operative Agreement, as amended and entered into on July 30, 2001, between the City and Capitol South and shall be treated as positive cash flow. The conveyance from the City to Capitol South shall be conditioned on the Developer proceeding to closing.
The following legislation authorizes the Director of Finance and Management to execute a quit claim deed to Capitol South conveying title to the Property to be split from the Third Street Lot, to execute joinders and consents to utility, encroachment, maintenance, temporary construction easements necessary for the redevelopment, and to execute other pertinent documents. It is in the Cit...
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