Explanation
BACKGROUND: Five parcels currently held in the Land Bank has been approved for disposition and one parcel has been approved for acquisition. In order to complete the transfers, authorization is needed for the Director of the Department of Development to execute any and all agreements and deeds for conveyance of the real property. This legislation authorizes the transfer of five parcels located at 850 Campbell Ave. (010-019715), 856 Campbell Ave. (010-019714), 391 S Yale Ave. (010-010129), 395 S Yale Ave. (010-010132) and 946 Bellows Ave. (010-053414) to WJ3ENTERPRISES LTD who will construct two-family homes on the vacant parcels under a new pilot program (Moderately Priced Housing Initiative). All prices are reduced by 50% from their market value. For one of the parcels, the City and buyer will trade a previously transferred land bank lot located at 346 Ryan Ave. (010-037779) for one of the parcels. The buyer is a participant in the Affordable Housing Trust’s (AHT) Emerging Developers Accelerator Program and will use AHT funding for the project. The project will be built in conjunction with a Community Land Trust project in the same area. The parcels will be transferred by deed recorded in the Official Records of the Franklin County Recorder’s Office.
FISCAL IMPACT: The City may first recover reimbursement of any and all expenses incurred on account of the acquisition, administration, management, maintenance and disposition of such land and such other expenses of the program as the City may apportion to such land from the sale proceeds.
Title
To authorize the Director of the Department of Development to execute any and all necessary agreements and deeds for conveyance of title of five parcels of real property (850 Campbell Ave., 856 Campbell Ave. and 391 S Yale Ave., 395 S Yale Ave. and 946 Bellows Ave.) held in the Land Bank to WJ3ENTERPRISES LTD and to acquire 346 Ryan Ave. pursuant to the Land Reutilization Program.
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