Explanation
This ordinance authorizes the City to amend a Contribution Agreement (“Contribution Agreement”) with the Confluence Community Authority (“Authority") which was authorized by Ordinance No. 1858-2019 passed by Columbus City Council on July 22, 2019.
The Authority is a New Community Authority organized pursuant to Chapter 349 of the Ohio Revised Code for the purposes of owning and operating a new stadium for the Columbus Crew SC, undertaking private development activities on property adjacent to the new stadium, and facilitating the redevelopment of the MAPFRE Stadium site that includes a training facility and providing for a Community Sports Park.
The Contribution Agreement outlines the timing and other mechanics related to the payment of all or a portion of the City Contribution or other amounts to be contributed through the Authority, as contemplated in the Development Agreement between the City, Franklin County (“County”), Confluence Community Authority (“Authority”), Crew SC Development Company, LLC (“DeveloperCo”), and Crew SC Stadium Company, LLC (“StadCo”), collectively, the “Parties,” dated July 3, 2019, which was subsequently amended by that certain First Amendment to Development Agreement dated December 19, 2019, and that certain Second Amendment to Development Agreement dated November 10, 2021 (collectively, the “Development Agreement”).
Pursuant to the Contribution Agreement, the City shall contribute funds to the Authority in the amount of $38 million to pay for Project Costs (other than Stadium Costs), as follows:
-Not later than March 1, 2020, the amount of $13,000,000 (the “2020 Payment”)
-Not later than March 1, 2021, the amount of $12,500,000 (the “2021 Payment”)
-Not later than March 1, 2022, the amount of $12,500,000 (the “2022 Payment”)
The City made the 2020 Payment and the 2021 Payment under the authority of Ordinance No.’s 0456-2020 and 0208-2021, respec...
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