title
TO AUTHORIZE THE MAYOR TO EXTEND THE TERM OF DEVELOPERS AGREEMENT WITH VALUE RECOVERY GROUP, LLC, RELATING TO THE BEDFORD I CORF PROJECT, FOR THE THREE PARCELS OF LAND KNOWN AS THE JUNKERMANN PROPERTY; AND TO DECLARE AN EMERGENCY.
body
WHEREAS, The Junkermann property is a collection of three parcels located south of Taylor Road just west of Eastgate Parkway within Gahanna's Office, Commerce and Technology (OCT) District; and
WHEREAS, the Junkermann property has played a pivotal role in the Development Department's effort to remediate the Bedford 1 Landfill and redevelop a section of the OCT District known as Central Park of Gahanna; and
WHEREAS, on May 17, 2004, City Council passed ORD-0105-2004 that authorized the Mayor to purchase the Junkermann property for $1.275 million; the deeds for the parcels were later accepted by City Council through ORD 0243-2004 on November 15, 2004; and
WHEREAS, the City transferred the Junkermann property to the Central Ohio Community Improvement Corporation (COCIC) by ORD-0237-2005 for the purpose of adding it to the collection of developable property that was necessary to stimulate job creation as a part of the City's effort to remediate the Bedford 1 Landfill and establish Central Park of Gahanna; and
WHEREAS, the Developers Agreement authorized by ORD-0237-2005 delineated a set of obligations that the COCIC had to fulfill because they had received the properties from the City; and
WHEREAS, after the properties were transferred to the COCIC, City Council passed ORD-0024-2008 on February 4, 2008 that approved the assignment of all outstanding obligations the COCIC had with the City to Value Recovery Group 2 (VRG2); and
WHEREAS, by the City approving the assignment of the obligations from COCIC to VRG2, the City agreed to hold VRG2 responsible to the terms outlined in the Developers Agreement authorized by ORD-0237-2005; and
WHEREAS, on August 15, 2011, City Council passed ORD-0157-2011 tha...
Click here for full text