Explanation
BACKGROUND:
This legislation releases the recorded interest of the City of Columbus in the property at 1561 E. Fourth Avenue that secures an outstanding balance of $29,600.00 on a loan made by the City's Department of Trade and Development, now known as the Department of Development, to borrower Edith T. Hunter. Ms. Hunter is deceased and the property has been vacant for three years due to a previous fire. Her heir, Jerome Hunter, would like to sell the property to Arnold Calhoun, President, Genesis Second Chance. Genesis Second Chance would renovate the property to use as housing for ex-offenders or families of inmates who do not have housing. Mr. Calhoun requested forgiveness of the deferred loan from the City of Columbus in the amount of $29,600. The Auditor's website shows the value of the land to be $9,600.00. The purpose for the release of the City's interests is to enable to transfer of the property to further the purposes of the non-profit in providing social services and to eliminate a vacant and abandoned property bringing it back into usefulness.
Emergency action is requested in order to expedite the transfer of the property by to the non-profit.
FISCAL IMPACT:
No funding is required for this legislation. There will be a $29,600.00 loss in accounts receivable for Community Development Block Grant Funds Housing Assistance Program Deferred Rehab Loan.
Title
To authorize the Director of the Department of Development to release the recorded interest of the City of Columbus in the property located at 1561 E. Fourth Avenue; and to declare an emergency.
Body
WHEREAS, the Department of Development has an outstanding loan balance totaling $29,600.00 to borrower Edith T. Hunter, for the rehabilitation of the property located at 1561 E. Fourth Avenue, Columbus, Ohio; and
WHEREAS, in response to a request from Arnold Calhoun, President of Genesis Second Chance, a not-for-profit, 501c3, faith-based organization, th...
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