Explanation
BACKGROUND: The purpose of this ordinance is to give the Director of the Department of Development the authority to enter into a Non-Disturbance and Estoppel Agreement (NDEA) and other related agreements with the Lincoln Theatre Association and the Ohio Facilities Construction Commission (Commission). The NDEA is a requirement under Cooperative Use Agreement (Agreement) between the Commission and the Lincoln Theatre Association for the expenditure of $300,000 in State funding for certain improvements and upgrades to the Lincoln Theatre (Premises). While the Agreement is between the Lincoln Theatre Association and the Commission, the City must serve as a signatory on the NDEA because it is the Lessor and Fee Simple Owner of the Premises.
Emergency action is requested to allow the Director of Development to enter into the NDEA with the Association and Commission in order to meet the deadline required by the Commission for submission.
FISCAL IMPACT: There are no immediate costs to the City associated with the NEDA.
Title
To authorize the Director of the Department of Development to enter into a Non-Disturbance and Estoppel Agreement and other related agreements with the Lincoln Theatre Association and the Ohio Cultural Facilities Commission; and to declare an emergency.
Body
WHEREAS, the City owns certain real property commonly known as the Lincoln Theatre, 769 E. Long Street, Columbus, Ohio 43203 (Premises); and
WHEREAS, the City, as the fee simple owner of the Premises, entered into a lease agreement with the Lincoln Theatre Association (Association) for the use of the Premises for a term commencing on July 23, 2007 and terminating on July 22, 2106; and
WHEREAS, the Association, as Lessee, has requested funding from the Ohio Facilities Construction Commission (Commission) to reimburse the Association for improvements and upgrades to the Premises; and
WHEREAS, on behalf of the City, the Director of Development, as the Lessor and fee simp...
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