Explanation
This legislation authorizes the expenditure of $1,055,000.00 from the Development Taxable Bond Fund for the acquisition of three properties for the City’s Land Reutilization Program.
The City’s Land Bank program seeks to acquire property to support its ongoing efforts to make property available for affordable housing partners to develop Community Land Trust Housing, Low Income Housing Tax Credit (LIHTC) projects, and other affordable housing. This legislation will authorize the Director of the Department of Development to execute any and all documents that are necessary to acquire property, as approved by the City Attorney’s Office, and spend an amount not to exceed $1,055,000.00. Expenditures will include purchasing real property and costs associated with conducting the due diligence, environmental review and/or remediation, demolition, title review, and other professional services.
Emergency action is requested so the City can enter into real estate contracts and close on the properties prior to the end of the year.
FISCAL IMPACT: Funding is available within Fund 7739, Development Taxable Bonds, Project 440104-100024. An appropriation transfer is required to establish appropriation within the correct division for the project.
Title
To authorize the City Auditor to transfer and appropriation between department divisions; to authorize the Director of the Department of Development, or his designee, to acquire property currently held by the Ohio Community Development Finance Fund for the City’s Land Reutilization Program; to execute any and all documents, as approved by the City Attorney, necessary for conveyance of title and related services; to authorize an expenditure not to exceed $1,055,000.00 from the Development Taxable Bonds Fund; and to declare an emergency. ($1,055,000.00)
Body
WHEREAS, in Ordinance 1325-98, City Council adopted and elected to use the Ohio Revised Code Chapter 5722, Land Reutilization Program, to facilitate effective reutilization of nonproductive land in the City 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, or other properties the City acquires for the land reutilization program, to foster either return of such land to tax revenue generating status or its devotion to public use as provided in R.C. 5722.06; and
WHEREAS, through its Land Reutilization Program, the Department of Development (“Department”) desires to acquire certain parcels to make available for affordable housing purposes; and
WHEREAS, the Department seeks authorization to spend an amount not to exceed $1,055,000.00 to purchase real property and pay other related expenditures, such as costs associated with conducting due diligence, environmental remediation, title review, and other professional services; and
WHEREAS, it is necessary to authorize the Director of Development, or his designee, to execute any and all necessary documents for the conveyance of title to the City, through the Land Reutilization Program, in order to acquire properties; and
WHEREAS, it is necessary to authorize the transfer of appropriation between divisions within the Development Taxable Bonds Fund, Fund 7739; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to implement the acquisition plan and begin the purchase of properties as soon as possible in order to facilitate the rehabilitation, redevelopment or demolition of the properties, prior to the end of the year, all for the immediate preservation of the public health, peace, property, and safety; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. The Director of the Department of Development is authorized to contract for professional services to perform due diligence activities associated with the acquisition and redevelopment of the above parcels currently held by the Ohio Community Development Finance Fund, including title work, surveys, appraisals, environmental reports, engineering and design services, and other professional services as needed.
Parcel Address
010-050448 1516 E. Main St.
010-089746 0000 E. Broad St.
010-089745 0000 E. Broad St.
SECTION 2. That the transfer and appropriation of $1,055,000.00, or so much thereof as may be needed, is hereby authorized within Fund 7739 (Development Taxable Bonds Fund), per the account codes in the attachment to this ordinance.
SECTION 3. That for the purpose stated in Section 1, an expenditure in an amount not to exceed $1,055,000.00, is authorized in Fund 7739 (Development Taxable Bonds Fund), Project 440104-100024, Dept.-Div. 44-11 (Land Redevelopment), in Object Class 06 (Capital Outlay) per the accounting codes in the attachment to this Ordinance.
SECTION 4. That the City Auditor is hereby authorized to transfer the unencumbered balance in a project account to the unallocated balance account within the same fund upon receipt of certification by the Director of the Department administering said project that the project has been completed and the monies are no longer required for said project.
SECTION 5. That the funds necessary to carry out the purpose of this ordinance are hereby deemed appropriated, and the City Auditor shall establish such accounting codes as necessary.
SECTION 6. That the City Auditor is authorized to make any accounting changes to revise the funding source for all contracts or contract modifications associated with this ordinance.
SECTION 7. 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 approval by the Mayor, or ten days after passage if the Mayor neither approves nor vetoes the same.