To

Mayor and Council

Subject

Lease To Foundation Properties, Inc - Agenda

Initiator

City Manager's Office

Recommendation

Approve the attached Resolution executing a ground lease agreement between the \n \n City of Columbus and Foundations Properties, Inc. for rental of 1015 Broadway \n \n (Moving Man parking lot) for $120.00 per year for thirty years.

Approval

Approved

Background

Resolution No. 563-04 authorized the City Manager to enter into a Memorandum of

Understanding (MOU) on December 21, 2004, for the yearly rental of $120.00 for

thirty years for City property located at 1015 Broadway (Moving Man parking

lot).

Analysis

Foundation Properties, Inc., will lease the property to construct the student

housing and will insure a pedestrian walkway is constructed on the property

running from Broadway to the parking garage that will be built pursuant to the

Memorandum of Understanding.

Financial Considerations

The City will lease the property for $120 per year for thirty years.

Projected Annual Fiscal Impact Statement

Legal Considerations

Council must approve the execution of a ground lease.

Recommendations/ Actions

Recommend execution of the attached ground lease agreement between the City of

Columbus and Foundation Properties, Inc. with the attached confirmation letter

for Columbus Bank and Trust Company ready for execution as attached.

No attachments for this document.