Explanation
Background: Ordinance 1089-2004 authorized the City Attorney's Office, to pursue options to purchase real property in connection with the King Lincoln District Acquisition Project. The exercise of any option to purchase was contingent upon future ordinances appropriating and authorizing the expenditure of such funds as are necessary for such purchases. The Department of Development has requested the City Attorney to exercise the option to purchase "815 East Long Street." The purchase price is $80,000 less a credit of $5,000 paid for that option.
Fiscal Impact: It has been determined that funding for this expenditure will be from the Northland and Other Acquisition Fund.
Emergency Justification: Emergency action is requested in order to allow the for immediate exercise of the City's option to purchase before its December expiration date.
Title
To authorize the City Attorney to exercise the option to purchase the real estate located at 815 East Long Street necessary for King Lincoln District Acquisition Project, to expend $75,000.00 from the Northland and Other Acquisition Fund and to declare an emergency. ($75,000.00)
Body
WHEREAS, Ordinance 1089-2004, passed on 6-28-04, authorized the City Attorney, to acquire options to purchase real property and to expend monies for payment of options in connection with the King Lincoln District Acquisition Project; and
WHEREAS, the Department of Development has requested the City Attorney to exercise the option to purchase that real property commonly known as "815 East Long Street"; and
WHEREAS, it is necessary to expend $75,000.00 from the Northland and Other Acquisition Fund in order to purchase the subject real property; and
WHEREAS, per Ordinance 1089-2004, the exercise of any option to purchase shall be contingent upon future ordinances appropriating and authorizing the expenditure of such funds as are necessary for such purchases; and
Now therefore:
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the City Attorney be, and hereby is, authorized to exercise the Real Estate Purchase Option for the real property located at 815 East Long Street, and ancillary documents as approved by the Department of Law, Real Estate Division, necessary for the purchase of that real property.
Section 2. That the expenditure of $75,000.00,or so much thereof as may be necessary, be and is hereby authorized from the Northland and Other Acquisition Fund, Fund 735, Capital Projects, Department 44-01, Project 441738, King Lincoln District Acquisition, Object Level Three 6601, OCA Code 441738.
Section 3. That for the reasons state in the preamble hereto, which 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 its passage if the Mayor neither approves nor vetoes the same.