Explanation
1. BACKGROUND
The purpose of this ordinance is to authorize the Director of Public Service to execute documents to allow the City to (1) transfer title to certain real property that are currently rights of way (the “Property”) to White Castle Management Co., a Delaware corporation (“White Castle”), (2) to accept title of the Property back from White Castle, and then (3) to transfer the Property back to White Castle.
White Castle desires to redevelop its real property located at 555 W. Goodale Street, in Columbus.
The City, pursuant to ordinance number 1602-2017, entered into an Economic Development Agreement with White Castle (the “EDA”) and established a tax increment financing (“TIF”) area in accordance with Ohio Revised Code Section 5709.41 and pursuant to Ordinance 1841-2017 in order to facilitate the mixed-use development that includes the new headquarters for White Castle.
Per the terms of the EDA, the City committed to transfer the Property to support the redevelopment of the site by White Castle and its affiliates without additional compensation to the City. Following the transfers of the Property the City and White Castle intend for the TIF to be amended by separate legislation to include the Property.
2. FISCAL IMPACT
There is no expenditure of City funds associated with the transfer of the Property.
3. EMERGENCY JUSTIFICATION
Emergency legislation is requested 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 and direct the Director of Public Service to transfer certain right of way to White Castle Management Co.; to accept title back from White Castle; to authorize transfer back to White Castle; and to declare an emergency. ($0.00)
Body
WHEREAS, the City is committed to encouraging the redevelopment of existing real property within the City limits; and
WHEREAS, White Cast...
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