Title
TO AUTHORIZE THE MAYOR TO ENTER INTO A GROUND LESSOR (BUILDING B AND C) ESTOPPEL WITH CREEKSIDE INVESTMENT PARTNERS, LLC; AND TO DECLARE AN EMERGENCY
Version
ils
Body
WHEREAS, it is the desire of the Administration, the City Attorney, and this Council to enter into a Ground Lessor (Building B and C) Estoppel with Creekside Investment Partners LLC as the owner of the Creekside properties; and
WHEREAS, the Developer and the City recognize the extraordinary financial and real estate market conditions that have been detrimental to the success of the project and desire to enter into this agreement to reflect their support of the further redevelopment and revitalization of the project; and
WHEREAS, it is the desire of the City to put this estoppel into effect as soon as possible for the redevelopment and revitalization of the area; and all for the preservation of the public peace, property, health, safety and welfare;
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF GAHANNA, STATE OF OHIO:
Section 1. That the Mayor is hereby authorized to enter into a Ground Lessor (Building B and C) Estoppel with Creekside Investment Partners, LLC, 1427 W. Saginaw, Suite 150, East Lansing, MI 48823, said agreement attached hereto as Exhibit A.
Section 2. The Mayor is authorized to execute this agreement which is to be delivered to escrow to be held in exchange for the complete payment of the ground lease payments due.
Section 3. That, for the reasons set forth in the preamble hereinabove, this ordinance is declared emergency legislation and shall be in full force and effect after passage by this Council and on date of signature approval by the Mayor.