Explanation
BACKGROUND: This legislation authorizes the Mayor to amend the Master Lease Agreement for the Convention Center (“Lease”) between the City and the Franklin County Convention Facilities Authority (“FCCFA”), dated November 27, 1996, as amended, to remove a 0.572 acre, more or less, tract from the lease and extend the term of the lease from July 19, 2051 until December 31, 2071 (“Addendum 3”). Additionally, this legislation authorizes the Mayor to enter into a new lease with FCCFA for the 0.572 acre, more or less, tract (“Hilton 2.0 Lease”) for a term running until December 31, 2071. Removing the 0.572 acre tract from the Lease and creating the Hilton 2.0 Lease will allow for the construction and financing of the Columbus Hilton Downtown Expansion (“Hilton 2.0”).
CONTRACT COMPLIANCE: Not applicable.
FISCAL IMPACT: Not Applicable
EMERGENCY JUSTIFICATION: Emergency action is requested to allow the Hilton 2.0 project to proceed in a timely manner and meet project deadlines which will preserve the public peace, health, property, safety, and welfare.
Title
To authorize the Mayor to execute Addendum 3 To Master Lease Agreement between the City and the Franklin County Convention Facilities Authority allowing for the release of approximately 0.572 acres and to extend the term of the lease to December 31, 2071; to authorize the Mayor to enter into a new lease with the Franklin County Convention Facilities Authority for the 0.572 acre tract with a term running until December 31, 2071 for the Columbus Hilton Downtown Expansion (“Hilton 2.0”); and to declare an emergency.
Body
WHEREAS, the City and the Franklin County Convention Facilities Authority (FCCFA) entered into a Master Lease Agreement for the Franklin County Convention Center dated November 27, 1996 and recorded in Official Records Volume 33707, Page A01, Recorder’s Office, Franklin County, Ohio (“Lease”); and
WHEREAS, the City desires to amend Lease to remove a 0.572 acre, more or les...
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