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TO AUTHORIZE THE MAYOR TO ENTER INTO A LETTER OF AGREEMENT WITH HUNTINGTON NATIONAL BANK REGARDING LEASE AGREEMENT BETWEEN THE CITY OF GAHANNA AND GAHANNA-CREEKSIDE INVESTMENTS, LLC; AND TO DECLARE AN EMERGENCY.
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WHEREAS, the City of Gahanna has been working with Huntington National Bank since a receiver was appointed for Gahanna-Creekside Investments, LLC to resolve outstanding issues regarding monies due the city; and
WHEREAS, an agreement has been reached for the payment of past due rent, interest, and late charges; and
WHEREAS, the letter agreement includes attachments pertaining to estoppel certificates for Building B and C of the Creekside development; and
WHEREAS, the City Attorney and the administration are recommending that the Mayor be authorized to enter into this agreement immediately upon passage of this ordinance in order to expedite payment of these funds authorized by the terms of the agreement, 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 Letter of Agreement with Huntington National Bank; said agreement attached hereto as EXHIBIT A.
Section 2. That, for the reasons set forth in the preamble hereinabove, this ordinance is declared emergency legislation and shall be in full force and effect immediately after passage by this Council and on date of signature approval by the Mayor.