Explanation
BACKGROUND
This legislation authorizes the Director of the Department of Development to transfer two tracts of land to FF East Franklinton Condos, LLC, an Ohio limited liability company and subsidiary of the Ohio Community Development Finance Fund. The entity will enter into an agreement with the Central Ohio Community Land Trust (COCLT) to develop the tracts into Columbus’ first land trust condominium development. The project received approval from the East Franklinton Review Board and will consist of a total of 20 units in four townhouse-style buildings. The property will be held by FF East Franklinton Condos during construction, which will be financed by the Finance Fund. After completion, the condominiums will be established and the underlying land will be transferred to COCLT. This project may serve as a model for future land trust condominium developments. The COCLT is a subsidiary of the Central Ohio Community Improvement Corporation, the Franklin County Land Reutilization Corporation.
FISCAL IMPACTS
None
Title
To authorize the Director of the Department of Development to execute any and all necessary agreements and deeds for conveyance of title of tracts of real property located at 638 Sullivant Avenue and 245 S. Skidmore Street held in the Land Bank 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, the properties will be transferred under a third party agreement between FF East Franklinton Condos, LLC and the Central Ohio Community Land Trust (COCLT), a subsidiary of the Central Ohio Community Improvement Corporation, the Franklin County Land Reutilization Corporation. The agreement will contain a requirement for the property to be transferred to COCLT upon the completion of construction. Failure to develop or transfer the property will trigger payments under the agreement to reimburse the COCLT for the value of the properties. Transfers to a county land reutilization corporation are exempt from the requirement to sell properties for fair market value under Ohio Revised Code Section 5722.07; 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; NOW, THEREFORE,
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 parcel of real estate to FF East Franklinton Condos, LLC:
Tract 1
PARCEL NUMBERS: 010-027240; 010-027241; 010-054428; 010-008062; 010-036302; 010-032823;
ADDRESS: 245 S. Skidmore Street, Columbus, Ohio 43215
ACREAGE: Approximately .47 acres
USE: Multi-family Development for the Central Ohio Community Land Trust
Situated in the State of Ohio, County of Franklin, and in the City of Columbus:
Being Lot Number Twenty-nine (29); Thirty (30); Thirty-one (31); Thirty-two (32); Thirty-three (33); Thirty-four (34), in Pope and Ellerman's Subdivision, as the same is numbered and delineated upon the recorded plat thereof, of record in Plat Book 3, page 432, Recorder's Office, Franklin County, Ohio.
Tract 2
PARCEL NUMBERS: 010-006097; 010-018547
ADDRESS: 638 Sullivant Avenue, Columbus, Ohio 43215
ACREAGE: Approximately .40 acres
USE: Multi-family Development for the Central Ohio Community Land Trust
Situated in the State of Ohio, County of Franklin and in the City of Columbus, and more particularly described as follows:
Being Lots Numbered Sixty-Eight, (68), Sixty-Nine (69) and Seventy (70) of Pope and Ellerman's Subdivision, as the same are numbered and delineated upon the recorded plat thereof, of record in Plat Book 3, page 432,Recorder's Office, Franklin County, Ohio.
And
Situated in the State of Ohio, County of Franklin, and in the City of Columbus: Being One and One-Half (1 1/2) feet off of the South Side of Lot Number Sixty-Five (65), all of Lot Number Sixty-Six (66) and Nine and One-Half (9 1/2) feet off of the North Side of Lot Number Sixty-Seven (67) of Pope and Ellerman's Subdivision, as the said lots are numbered and delineated upon the recorded plat thereof, of record in Plat Book 3, page 432, Recorder's Office, Franklin County, Ohio.
And
Situated in the City of Columbus, County of Franklin and State of Ohio:
Being 21 feet off of the south side of Lot 67 in Pope and Ellerman's Subdivision, as the same is numbered and delineated upon the recorded plat thereof, of record in Plat Book 3, page 432, Recorder's Office, Franklin County, Ohio.
SECTION 2. For the property stated in Section 1, that the Director 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.