Explanation
BACKGROUND: As authorized by Columbus City Ordinance 0144-2013, the Department of Development on behalf of the City of Columbus, Ohio, an Ohio municipal corporation ("City"), transferred real property known as Franklin County Tax Parcel Number 010-044235 ("Site") to Parsons One, LLC, an Ohio limited-liability company. In the City's deed of conveyance to Parsons One, LLC described and recorded in Instrument Number 201311260196272, Recorder's Office, Franklin County, Ohio, and pursuant to the City's Land Reutilization Program, the City reserved a right of reversion and other restrictions to ensure the redevelopment of the site consistent with a site plan approved with Ordinance 2035-2011 ("Development-Reservations"). The existing owner of the site, Parsons Senior, LLC, an Ohio limited liability company, requested the City to release the Development Reservations to comply with a demand of the primary lender for the development. The City has reviewed and determined that a release of the Development-Reservations does not adversely affect the City, because Parsons Senior LLC will enter into a loan agreement, promissory note, mortgage, and a restrictive covenant to require the redevelopment of the property and to receive funds under the HOME Investment Partnership Program. Therefore, this ordinance authorizes the Director of the Department of Development to execute those documents approved by the Columbus City Attorney, Real Estate Division, necessary to release the reversionary interest and restrictions.
FISCAL IMPACT: No funding is required for this legislation.
EMERGENCY JUSTIFICATION: Emergency action is requested in order to not delay the benefit to the City resulting from Parsons Senior LLC's development of the Site, which preserves the public peace, health, property, safety, and welfare.
Title
To authorize the Director of the Department of Development to execute those documents approved by the Columbus City Attorney, Real Estate Division, necessary to release certain reversionary interests and restrictive covenants for the portion of the property currently owned by Parsons Senior LLC and recorded at the Recorder's Office, Franklin County, Ohio; and to declare an emergency. ($0.00)
Body
WHEREAS, as authorized by Ordinance Number 0144-2013, the Department of Development transferred real property known as Franklin County Tax Parcel Number 010-044235 ("Site") to Parsons One, LLC, an Ohio limited liability company; and
WHEREAS, in the deed Parsons One, LLC, the City holds certain rights of reversion and other reservations requiring the redevelopment of Site consistent with a site plan established with a rezoning of the property; and
WHEREAS, the current owner of the Site, Parsons Senior LLC, an Ohio limited liability company, requested the City to release the right of reversion and other reservations, on the property it owns to satisfy a demand of the construction lender; and
WHEREAS, the City has reviewed and determined that a release of the reversionary rights and restrictions will not adversely affect the City and should be granted, because Parsons Senior LLC will enter into other agreements with the City to ensure the redevelopment of the Site; and
WHEREAS, an emergency exists in the usual daily operations of the City, because it is immediately necessary to authorize the Director of the Department of Development to execute those documents approved by the Columbus City Attorney, Real Estate Division, necessary to release certain reversionary rights and restrictive covenants so that Parsons Senior LLC may close on a construction loan and begin redevelopment of the Site, which are for the immediate preservation of the public peace, health, property, safety, and welfare; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS, OHIO:
Section 1. That the Director of the Department of Development is authorized to execute those documents approved by the Columbus City Attorney, Real Estate Division, to forever release the City's right of reversion and other restrictions for the portion of the property currently owned by Parsons Senior LLC, and recorded in Instrument Number 201311260196272, Recorder's Office, Franklin County, Ohio.
Section 2. That for the reasons stated in the preamble hereto, which are made a part hereof, this ordinance is declared to be an emergency measure and shall take effect and be in force after its passage and approval by the Mayor, or ten days after its passage if the Mayor neither approves nor vetoes the same.