Explanation
By Ordinance Nos. 2446-2003, 0451-2004, and 1007-2004, City Council, as the “organizational board of commissioners,” determined a petition for a new community authority filed with the Clerk of City Council was sufficient and established the RiverSouth Authority (the “Authority”) pursuant to Ohio Revised Code Chapter 349 to support the redevelopment of several square blocks in downtown Columbus generally bounded by Town Street and State Street on the north, High Street and Wall Street on the east, Rich Street and Cherry Street on the south, and Front Street and Ludlow Street on the west (the “New Community District”). The Authority issued bonds for “land acquisition,” “land development,” and “community facilities,” as those terms are defined in Ohio Revised Code Section 349.01, within and around the New Community District. Pursuant to prior ordinances passed by City Council after the establishment of the Authority, the City and the Authority entered into the Master Lease Agreement dated June 21, 2004 and several supplemental lease agreements to provide for the City making lease payments for property within and around the New Community District equal to the bond service charges.
In partnership with the City to formulate the 2022 Downtown Columbus Strategic Plan, Columbus Downtown Development Corporation (CDDC) , the developer of the New Community District (the “Developer”), is currently planning additional financing, land acquisition, land development, and community facilities in downtown Columbus. The City and the Developer now seek to add to the New Community District certain additional properties they own or control. On or about January 19, 2023, the Developer submitted to the Clerk of City Council an Amendment to Petition for Organization of a New Community Authority (the “Amendment”) to add the Developer’s additional properties to the New Community District. By this legislation, City Council will also authorize the consent to add certain City-own...
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