Explanation
Background: The City leases that real property identified as 29 Spruce Street, Franklin County Tax Parcel 010-54645, commonly known as the North Market, to the North Market Development Authority, Inc. (“Authority”). This legislation authorizes the Director of the Department of Finance and Management to enter into a lease amendment agreement with the Authority to modify the Authority’s insurance requirements under the lease.
Fiscal Impact: No funds are required.
Title
To authorize the Director of the Department of Finance and Management to execute those documents necessary to enter into a lease amendment agreement with the North Market Development Authority, Inc.
Body
WHEREAS, the City owns that real property identified as 29 Spruce Street, Franklin County Tax Parcel 010-54645 that is leased to the North Market Development Authority, Inc.; and
WHEREAS, the Director of the Department of Finance and Management on behalf of the City has agreed to modify the Authority’s insurance requirement under the lease thus necessitating an amendment to the lease agreement; now, therefore;
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Director of the Department of Finance and Management, on the behalf of the City, be, and hereby is, authorized to execute those documents as approved by the Department of Law, Division of Real Estate, necessary to enter into an amendment of the lease agreement by and between the City of Columbus and the North Market Development Authority, Inc. for that real property located at 59 Spruce Street, Franklin County Tax Parcel 010-54645, and commonly known as the “North Market”.
SECTION 2. That the terms and conditions of the lease amendment agreement shall be in a form approved by the Department of Law, Division of Real Estate.
SECTION 3. That this ordinance shall take effect and be in force from and after the earliest period allowed by law.