City of Columbus - File #: 2127-2004

• File #: 2127-2004
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 11/17/2004
• In control: Development Committee
• On agenda: 1/24/2005
• Final action: 1/26/2005
• Title: To authorize the Director of Development to execute those documents necessary to pay off the outstanding mortgage and obtain a release/satisfaction of mortgage for that real property included in the Land Bank inventory and known as 879 East Long Street, Columbus, Ohio, in order to make the property available for redevelopment; to authorize the expenditure of $71, 000.00 or so much thereof as may be necessary from the King Lincoln District Acquisition Fund; and to declare an emergency. ($71,000)

Date	Ver.	Action By	Action	Result
1/26/2005	1	MAYOR	Signed
1/26/2005	1	CITY CLERK	Attest
1/24/2005	1	Columbus City Council	Approved	Pass
1/24/2005	1	Columbus City Council	Taken from the Table	Pass
1/24/2005	1	COUNCIL PRESIDENT	Signed
1/10/2005	1	Columbus City Council	Tabled to Certain Date	Pass
12/1/2004	1	Auditor Reviewer	Reviewed and Approved
12/1/2004	1	CITY AUDITOR	Reviewed and Approved
12/1/2004	1	Atty Drafter	Sent for Approval
12/1/2004	1	CITY ATTORNEY	Reviewed and Approved
12/1/2004	1	Atty Drafter	Sent to Clerk's Office for Council
11/30/2004	1	FINANCE DIRECTOR	Reviewed and Approved
11/30/2004	1	Atty Drafter	Sent for Approval
11/24/2004	1	DEVELOPMENT DIRECTOR	Reviewed and Approved
11/24/2004	1	Dev Drafter	Sent for Approval
11/24/2004	1	Atty Drafter	Sent for Approval
11/24/2004	1	Finance Reviewer	Reviewed and Approved
11/23/2004	1	Dev Drafter	Sent for Approval
11/22/2004	1	Atty Reviewer	Reviewed and Approved
11/22/2004	1	Atty Drafter	Sent for Approval
11/17/2004	1	Atty Drafter	Sent for Approval

Explanation

Background:
In March 2003, Columbus Urban Growth Corporation transferred title to real property, located at 879 East Long Street, to the City of Columbus, subject to an outstanding Mortgage for $60,000.00. No cash was paid for the real property. On April 28, 2003, Columbus City council passed Ordinance No. 0596-03, which authorized the acceptance of a General Warranty Deed for certain real property to be included in the Land Bank inventory. In order to make the property available for redevelopment it is now necessary to pay off the mortgage. The outstanding balance, principle and interest, is approaching $71,000.00.


Fiscal Impact: It has been determined that the outstanding balance on the mortgage for the subject property will be paid from the Northland and Other Acquisition Fund, King Lincoln District Acquisition Project.


Emergency Justification: Emergency action is requested to allow for the immediate payment of the outstanding balance of the mortgage on the subject property, as to minimize the amount of interest accrued.


Title

To authorize the Director of Development to execute those documents necessary to pay off the outstanding mortgage and obtain a release/satisfaction of mortgage for that real property included in the Land Bank inventory and known as 879 East Long Street, Columbus, Ohio, in order to make the property available for redevelopment; to authorize the expenditure of $71, 000.00 or so much thereof as may be necessary from the King Lincoln District Acquisition Fund; and to declare an emergency. ($71,000)


Body

WHEREAS, in March 2003, Columbus Urban Growth Corporation transferred title to real property located at 879 East Long Street to the City of Columbus, subject to an outstanding Mortgage for $60,000.00; and

WHEREAS, on April 28, 2003, Columbus City Council passed Ordinance No. 0596-03, which authorized the acceptance of a General Warranty Deed for certain real property to be included i...