Explanation
Background: Capitol South Community Urban Redevelopment Corporation has declared its intention to cause the redevelopment of the southwest corner of High and Rich Streets with a downtown housing project and to ask that Sections 5709.41 through 5709.43 of the Ohio Revised Code be employed to create a tax increment financing arrangement. In support of its resort to that statute, the City has previously determined that the real estate is situated in a blighted area and declared the necessity and its intent to acquire fee simple title to the underlying real estate. The acquisition of that property has now been negotiated with the owner, Otto Beatty, Jr., and this ordinance authorizes the acquisition and disposition of that property by the City in support of and to facilitate its planned redevelopment by MAS Companies into a for-sale, residential condominium project six stories in height and containing approximately 48 units. This legislation authorizes the Director of Development to enter into contracts for the purchase of the property from Otto Beatty Jr. and the sale of the property to Capitol South, to execute a quit-claim deed to Capitol South conveying title to the site, and to execute any and all other pertinent documents necessary to effect such conveyance.
Fiscal Impact: None. This will be a simultaneous acquisition and conveyance of the property for the same price.
Title
An ordinance authorizing the Director of Development to enter into a contract providing for the purchase of property located at the southwest corner of High and Rich Streets from Otto Beatty Jr.; to simultaneously enter into a contract providing for the immediate conveyance after purchase of all of the City's interest in this same property to Capitol South Community Urban Redevelopment Corporation; to execute a quit claim deed conveying such property to Capitol South; to enter into and execute any and all other documents necessary to effect such conveyance; and to the extent applicable, to waive the competitive bidding and Land Review Commission requirements of the Columbus City Codes (1959) Revised and to declare an emergency.
Body
WHEREAS, the City is committed to eliminating conditions of, and preventing the recurrence of blight; and
WHEREAS, this Council has by its Ordinance No. 1824-2003 passed July 21, 2003, found and determined that the River South Redevelopment Area is blighted and the property located generally at the southwest corner of High and Rich Streets and specifically described as follows:
Situated in the City of Columbus, County of Franklin and State of Ohio:
Being Inlots Numbered Two Hundred Fifty (250) and Two Hundred Fifty-One (251) in the City of Columbus, Ohio, as the same are numbered and delineated upon the recorded plat thereof, of record in Deed Book F, Page 332, Recorder's Office, Franklin County, Ohio
(the "Property") is located in that blighted Area; and
WHEREAS, this Council by its Resolution No. 289x-2003 passed July 21, 2003, declared the necessity and its intent to appropriate fee simple title in and to the Property in support of the declared intention of Capitol South Community Urban Redevelopment Corporation ("Capitol South") to cause the redevelopment of the Property with a downtown housing project; and
WHEREAS, the acquisition of the Property for that redevelopment purpose has now been negotiated with the owner, Otto Beatty Jr.; and
WHEREAS, Capitol South has also negotiated the simultaneous acquisition of that Property from the City for immediate re-disposition to MAS Companies (the "Developer") to develop on the Property a for-sale, residential condominium project, six stories in height and containing approximately 48 units and to be known as One Rich Street (the "Project") and; and now, therefore,
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to pass this ordinance as an emergency measure because the property must be acquired and re-conveyed to Capitol South, tenants must be relocated and the existing buildings must be razed, all in time for the scheduled October commencement for the preservation of the public health, peace, property, safety, and welfare; now therefore:
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Director of Development be and hereby is authorized to enter into and execute a purchase contract, approved by the City Attorney's Office, Department of Law, Real Estate Division and providing generally for the purchase of all of Owner's right, title and interest in and to the Property for and in consideration of One Million Eight Hundred Thousand Dollars ($1,800,000.00).
Section 2. That the Director of Development be and hereby is authorized to enter into and execute a sale contract, approved by the City Attorney's Office, Department of Law, Real Estate Division and providing generally for the sale of all of the City's right, title and interest in and to the Property to Capitol South for and in consideration of One Million Eight Hundred Thousand Dollars ($1,800,000.00), for subsequent conveyance to the Developer for the development of the Project. Further, that the Director of Development be and hereby is authorized to execute a quit-claim deed and any and all other documents necessary to effect such conveyances for the indicated purposes.
Section 3. That this Council has determined that it is in the best interest of the City of Columbus to waive and does hereby waive the requirements of Columbus City Codes (1959) Revised, Chapter 328 (Land Review Commission) and Section 329.25 (competitive bidding) to the extent that they may apply to this transaction with regards to this ordinance only.
Section 4. That this ordinance shall take effect and be in force from and after the earliest period allowed by law.
That for the reasons stated in the preamble, hereto, which is hereby made a part hereof, this ordinance is hereby declared to be an emergency measure and shall take effect and be in force from and after its passage and approval by the Mayor or ten days after passage if the Mayor neither approves nor vetoes the same.