Explanation
Pursuant to provisions of certain lease and sublease agreements between the City of Columbus (City) and the Franklin County Convention Facilities Authority (FCCFA) with respect to the Greater Columbus Convention Center; the consent of the City is required prior to the issuance of notes, bonds or other obligations of the FCCFA. This ordinance will provide such consent for the FCCFA to issue $18,000,000 in parking garage improvement revenue bonds (2018 Bonds). The 2018 Bonds will be used to construct an approximately 650 vehicle parking facility adjacent and connected to the east side of the Greater Columbus Convention Center (Ohio Center Parking Garage). The 2018 Bonds will be purchased as an investment by the Franklin County Treasurer. These bonds will be payable solely from parking revenues resulting from the operation of all FCCFA owned parking facilities. Other than providing consent for the issue of 2018 Bonds, the City has no financial obligation regarding the development of the Ohio Center Parking Garage.
Title
To consent to the issuance of parking garage improvement revenue bonds by the Franklin County Convention Facilities Authority for the development of a new parking garage connected to the Greater Columbus Convention Center; and to declare an emergency.
Body
WHEREAS, The Franklin County Convention Facilities Authority (the “FCCFA”) has previously issued its (a) $16,000,000 Parking Garage Improvement Revenue Bonds, Series 2011, dated December 6, 2011 (the “2011 Bonds”) to finance the expansion of the FCCFA’s parking garage on Vine Street (the “Vine Street Parking Facility”), and (b) $18,000,000 Parking Garage Improvement Revenue Bonds, Series 2014 dated July 28, 2014 (the “2014 Bonds” and, together with the 2011 Bonds, the “Prior Bonds”) to finance the construction of an approximately 900 car parking garage facility on East Goodale Street in Columbus, Ohio (the “Goodale Street Parking Facility”); and
WHEREAS, the Prior Bonds ar...
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