Explanation
BACKGROUND: Five parcels currently held in the Land Bank has been approved for disposition and one parcel has been approved for acquisition. In order to complete the transfers, authorization is needed for the Director of the Department of Development to execute any and all agreements and deeds for conveyance of the real property. This legislation authorizes the transfer of five parcels located at 850 Campbell Ave. (010-019715), 856 Campbell Ave. (010-019714), 391 S Yale Ave. (010-010129), 395 S Yale Ave. (010-010132) and 946 Bellows Ave. (010-053414) to WJ3ENTERPRISES LTD who will construct two-family homes on the vacant parcels under a new pilot program (Moderately Priced Housing Initiative). All prices are reduced by 50% from their market value. For one of the parcels, the City and buyer will trade a previously transferred land bank lot located at 346 Ryan Ave. (010-037779) for one of the parcels. The buyer is a participant in the Affordable Housing Trust’s (AHT) Emerging Developers Accelerator Program and will use AHT funding for the project. The project will be built in conjunction with a Community Land Trust project in the same area. The parcels will be transferred by deed recorded in the Official Records of the Franklin County Recorder’s Office.
FISCAL IMPACT: The City may first recover reimbursement of any and all expenses incurred on account of the acquisition, administration, management, maintenance and disposition of such land and such other expenses of the program as the City may apportion to such land from the sale proceeds.
Title
To authorize the Director of the Department of Development to execute any and all necessary agreements and deeds for conveyance of title of five parcels of real property (850 Campbell Ave., 856 Campbell Ave. and 391 S Yale Ave., 395 S Yale Ave. and 946 Bellows Ave.) held in the Land Bank to WJ3ENTERPRISES LTD and to acquire 346 Ryan Ave. pursuant to the Land Reutilization Program.
Body
WHEREAS, by Ordinance 1325-98, Council adopted and elected to use the Revised Code Chapter 5722, Land Reutilization Program, to facilitate effective reutilization of nonproductive land acquired through a sale pursuant to a foreclosure proceeding initiated by the Franklin County Treasurer, or through a sale of forfeited lands by the Franklin County Auditor, or through a conveyance in lieu of foreclosure to foster either return of such land to tax revenue generating status or its devotion to public use, or any other land acquired as part of the land reutilization program; and
WHEREAS, a proposal for the sale of the property which was acquired pursuant to Ohio Revised Code Section 5722.03 or 5722.06 meets the Land Reutilization Program’s Disposition Policies and Guiding Principles and has been approved by the Land Redevelopment Office Administrator; and
WHEREAS, in conformity with Ohio Revised Code Section 5722.07, the property will be sold at not less than fair market value, defined as the appraised value of the nonproductive land made with reference to any redevelopment and reutilization restrictions as may be imposed by the electing subdivision as a condition of sale or as may otherwise be applicable to such; therefore, competitive bidding is not required; and
WHEREAS, in order to complete the transfer of such property to the purchaser, authority is needed for the Director of the Department of Development to execute any and all necessary agreements and deeds of conveyance for the real property; and
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the Director of the Department of Development is hereby authorized to execute any and all necessary agreements and deeds to convey title to the following parcels of real estate to WJ3ENTERPRISES LTD:
PARCEL NUMBER: (010-019715)
ADDRESS: 850 Campbell Ave., Columbus, Ohio 43223
PRICE: $13,962.00 plus a $195.00 processing fee
USE: Two Family New Build
PARCEL NUMBER: (010-019714)
ADDRESS: 856 Campbell Ave., Columbus, Ohio 43223
PRICE: $14,497.00 plus a $195.00 processing fee
USE: Two Family New Build
PARCEL NUMBER: (010-010129) to
ADDRESS: 391 S Yale Ave., Columbus, Ohio 43223
PRICE: $12,835 plus a $195.00 processing fee
USE: Two Family New Build
PARCEL NUMBER: (010-053414)
ADDRESS: 946 Bellows Ave., Columbus, Ohio 43223
PRICE: $28,421.00 plus a $195.00 processing fee
USE: Two Family New Build
PARCEL NUMBER: (010-010132)
ADDRESS: 395 S Yale Ave, Columbus, Ohio 43223
PRICE: Exchange for 346 Ryan plus a $195.00 processing fee
USE: Two Family New Build
PARCEL NUMBER: (010-037779)
ADDRESS: 346 Ryan Ave, Columbus, Ohio 43223
PRICE: Exchange for 395 S. Yale
USE: Affordable Housing Lot
SECTION 2. That for the property stated in Section 1, that the Director of the Department of Development is hereby authorized to execute any agreement, deed restriction, or mortgage to ensure compliance with land bank program rules and the submitted application and to release such restriction or mortgage upon compliance.
SECTION 3. That Council hereby finds that the selection process utilized in this matter is in accordance with the Land Bank Disposition Process created pursuant to the City’s Land Reutilization Program and hereby approves the same.
SECTION 4. That this ordinance shall take effect and be in force from and after the earliest period allowed by law.