Explanation
1. BACKGROUND
This legislation authorizes the Director of the Department of Development on behalf of the City of Columbus, Ohio (the “City”) to execute those documents as necessary to enter into a lease agreement with Scioto Peninsula Holdings, LLC LTD, an Ohio nonprofit limited liability company, whose sole member is the Columbus Downtown Development Corporation, an Ohio nonprofit corporation (hereinafter the “Development Team”), for a period of ninety-nine (99) years, renewable forever.
The Development Team is proposing a project that will redevelop the Scioto Peninsula and requires leasing certain City-owned real property with the general borders of West Broad Street to the north, Belle Street to the east, West Town Street to the south, and the Norfolk Southern railroad right of way to the west, as part of a new development district (the “Site”) that will also be coordinated with the planning and development of property owned by Franklin County north of Broad Street. The effort will be cooperative and the City will provide ongoing input throughout the entire redevelopment process. Upon redevelopment of the Site, the City will receive ninety percent (90%) of the Net Development Proceeds, as defined in the Economic Development Agreement between the City and the Development Team, which was authorized under Ordinance Number 3121-2016.
However, in order to lease the property to Scioto Peninsula Holdings, LLC LTD, the State of Ohio, through the Department of Natural Resources, must first terminate any restrictions on the City-owned real property as a result of previous grants given to the City.
The Department of Development has coordinated with all City Departments and it is agreed that it is in the City’s best interests to enter into the lease.
2. FISCAL IMPACTS
There is no fiscal impact for this legislation.
Title
To authorize the Director of the Department of Development to enter into a lease agreement with Scioto Peninsula Holdings, ...
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