Explanation
Background: This legislation authorizes the appropriation of $7,032,950.00 from the Special Income Tax Fund for lease payments to the RiverSouth Authority. The RiverSouth Authority issued bonds in 2004 and 2005 to purchase and rehabilitate the former downtown Lazarus Department Store and refunding bonds in 2012 and in 2014. The City entered into a Master Lease Agreement and a First Supplemental Lease Agreement with The RiverSouth Authority on June 21, 2004 (Ordinance No. 1009-2004). The City entered into a Second Supplemental Lease Agreement with RiverSouth on July 25, 2005 (Ordinance No. 1312-2005). The City entered into a Third Supplemental Lease Agreement with RiverSouth on February 27, 2012 (Ordinance No. 0382-2012). The City entered into a Fourth Supplemental Lease Agreement with RiverSouth on February 10, 2014 (Ordinance 0541-2014). These agreements call for the City to make lease payments to The RiverSouth Authority in annual amounts equal to the bond service charges.
This legislation also authorizes the expenditure of $1,844,000.00 from the Mobility Enterprise Fund for lease payments to the RiverSouth Authority. The RiverSouth Authority issued bonds in 2016 for the Scioto Peninsula Area Redevelopment. These bonds were issued to construct an underground parking garage and park located at the Center of Science and Industry (COSI). The City entered into a Master Lease Agreement and Supplemental Lease Agreement with The RiverSouth Authority on July 25, 2016 (Ordinance No. 1980-2016). This agreement calls for the City to make lease payments to The RiverSouth Authority in annual amounts equal to the bond service charges. Prior to 2022, these payments were paid from the Special Income Tax fund. With the consolidation of parking services, lease payments for the parking garage will be budgeted in the Mobility Enterprise Fund.
Emergency: This ordinance is submitted as an emergency so as to allow the financial transactions to be po...
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