To

Mayor and Council

Subject

Purchase of Property from Wyndham Hotel

Initiator

Finance Department

Recommendation

Approve a Resolution authorizing the Mayor, City Manager, and Finance Director \n \n to take such actions as are necessary to complete the purchase of property from \n \n the Wyndham Hotel, formerly the Columbus Hilton, located at 800 Front Avenue \n \n which is currently the parking lot on the south side of the hotel, for the \n \n purchase price of $4,000,000 plus title insurance to be paid at closing on or \n \n about November 1, 2002. The property will be used to construct an approximate \n \n 300 car parking garage.

Approval

Approved

Background

The success of the expansion of the Trade Center is dependent upon the

availability of additional full service hotel rooms and adequate parking in

close proximity to the Trade Center. The existing owner of the Wyndham Hotel,

formerly the Columbus Hilton, has decided to sell the hotel and a local

developer has agreed to acquire and expand the hotel providing the City

participates through a Memorandum of Understanding whereby the City purchases

the property and constructs an approximate 300 car parking garage.

Analysis

The property is located at 800 Front Avenue and is the existing parking lot on

the south side of the Wyndham Hotel. The exact dimensions of the property will

be adjusted prior to construction of the parking garage to accommodate a pool

similar to the current pool. There will be 125 parking spaces dedicated to the

hotel at no cost, and the balance of spaces will be available on a first come,

first serve basis to hotel patrons, Trade Center patrons, and the general

public on an hourly/daily cost basis.

Financial Considerations

The $4,000,000 plus the cost of title insurance for the purchase of the

property will be provided by a private contribution and deposited in the

Friends of Columbus Trust Fund. Funds for the construction of the parking

garage will come from a combination of the private contribution and proceeds

from the Columbus Building Authority Lease Revenue Bonds, Series 2003 that are

scheduled to be issued in January, 2003.

Projected Annual Fiscal Impact Statement

Legal Considerations

Council must approve the purchase of real estate.

Recommendations/ Actions

Approve a Resolution authorizing the Mayor, City Manager, and Finance Director

to take such actions as are necessary to complete the purchase of property from

the Wyndham Hotel, formerly the Columbus Hilton, located at 800 Front Avenue

which is currently the parking lot on the south side of the hotel, for the

purchase price of $4,000,000 plus the cost of title insurance to be paid at

closing on or about November 1, 2002. The property will be used to construct

an approximate 300 car parking garage.

No attachments for this document.