Explanation
Background: The purpose of this ordinance is to authorize the Director of the Department of Development to execute documents to allow the City to purchase certain parcels of real property that are currently unused rights of way which are owned by the Ohio Department of Transportation (ODOT) (“Property”), and then transfer the Property to White Castle Management Co., a Delaware corporation, (“White Castle”) for the purpose of facilitating the White Castle headquarters redevelopment at 555 W. Goodale Street.
The City has passed ordinance number 1602-2017 to enter into an Economic Development Agreement with White Castle and established a TIF district pursuant to ordinance number 1841-2017 in order to facilitate the mixed-use development that includes the new headquarters for White Castle.
The City has committed to contribute up to $2 million towards eligible expenses for the redevelopment of the site. The purchase price of the Property, $26,000.00, will be part of the City’s $2 million commitment.
Fiscal Impact: Funds in the amount of $26,000.00 are available for this project within the Development Taxable Bond Fund 739 for this expenditure. An amendment to the 2017 CIB is necessary for the purpose of providing sufficient spending authority for the aforementioned project expenditure.
Emergency Justification: Emergency legislation is required to allow for the immediate acceptance and transfer of the Property, which is necessary to maintain the project schedule and to coincide with the established redevelopment timeline.
Title
To authorize an amendment to the 2017 Capital Improvement Budget; to authorize the transfer of cash between projects within the same fund; to authorize and direct the Director of the Department of Development to purchase certain property owned by the Ohio Department of Transportation, and to quit claim the real property to White Castle Management Co., reserving easement rights for any existing utilities; to waive Land Revi...
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