Explanation
BACKGROUND: To authorize termination of the restrictive covenants contained in each deed of the two parcels of land known as tax parcels 010-002760 and 010-273419 comprising the existing and future phase of Liberty Place Apartments both being owned by Liberty Place LLC, an Ohio limited liability company. The purpose of the deed restrictions was to require that the parcels only be transferred as a single parcel, notwithstanding that each is identified as a separate and distinct tax parcel. The restriction was necessary to provide compliance with the building code as it would be applied to the developed parcel and the anticipated building permits for the undeveloped parcel. The construction of the second phase of the project has been delayed and the restrictions are not necessary at this time. The lender for the parcel where existing units are located has subsequently required termination of the deed restrictions as a requirement for the project financing. The restriction requires that it shall terminate only upon consent of the City though a duly enacted ordinance of Council.
Emergency Designation: Emergency legislation is required so that the project financing will be maintained and be in compliance with the lender's current standards and requirements.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize Liberty Place LLC, the owners of Liberty Place apartments, to terminate deed restrictions requiring that adjoining parcels be transferred as a single unit; and to declare an emergency.
Body
WHEREAS, deed restrictions were placed on the two parcel that comprise Liberty Place apartments which is owned by Liberty Place LLC; and
WHEREAS, the deed restrictions were placed on the deeds to require that both parcels be transferred as a single parcel in order to comply with the building code for the development and design plans that were in place at that time; and
WHEREAS, the construction of the sec...
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