Explanation
Background: This legislation authorizes the Mayor and the Director of Finance and Management, and either of them acting singly, to execute a Lease Agreement and Sub-Lease Agreement with the Franklin County Convention Facilities Authority (the “FCCFA”) and Franklin County, Ohio (the “County”) in connection to the issuance of Hotel Expansion Bonds for the future Hilton Hotel Expansion Project. The City, FCCFA and County previously entered into a Cooperative Agreement dated as of January 1, 2010 (the “Original Cooperative Agreement”), pursuant to which the FCCFA (a) has constructed a full service convention center hotel known as “The Hilton Columbus Downtown” (the “Existing Facility”), and (b) financed the Existing Facility, in part, by issuing its Authority’s $160,000,000 Lease Revenue Anticipation Bonds, Series 2010 (County of Franklin, Ohio, Lessee) (Federally Taxable - Build America Bonds - Direct Payment), dated February 10, 2010 with the financial support of the City and the County. In order to provide an adequate number of high-quality hotel rooms and convention space to attract more and larger conventions to the Greater Columbus Convention Center (the “GCCC”) and the Existing Facility and other hotels in the County, resulting in economic benefits to the FCCFA, City and the County and their respective citizens, the board of directors of the FCCFA has determined to undertake the construction, equipping and furnishing of an expansion to the Existing Facility comprised of (a) new tower containing an estimated 463 full-service convention center hotel rooms; (b) retrofitting of an estimated five rooms within the Existing Facility; and (c) approximately 48,000 square feet of convention meeting and ballroom space and restaurants and support facilities, designed for self-contained conventions and as meeting space complementary to and used in connection with the operation of the Existing Facility and the GCCC, collectively referred to herein as the "Hot...
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