Explanation
BACKGROUND: Authorization is needed for the Director of the Department of Development to enter into an option agreement to sell and transfer approximately 4.1+/- acres of land, located on the east side of Wheatland Ave, at the terminus of Glenview Boulevard to Wheatland Crossing Limited Partnership in exchange for the payment of $500,000. The property is a part of a 22.5 acre property acquired by the City from the State of Ohio in 2002. The sale is contingent on the allocation of 2013 Low Income Housing Tax Credits to fund a 60-unit senior housing development. This legislation authorizes the Director of Development to enter into the necessary option agreement or agreements as needed to sell and transfer of the property to Wheatland Crossing Limited Partner, a subsidiary of The Woda Group, Inc. On February 27, 2012, Council authorized the rezoning to permit the intended uses (Ord. No. 0328-2012).
FISCAL IMPACT: The sale proceeds to be received by the City shall be deposited as determined by the City Auditor.
EMERGENCY JUSTIFICATION: Emergency action is requested to enable the City to immediately enter into the necessary agreements allowing the buyer to meet the application deadlines established by the Ohio Housing Finance Agency, which is required to complete the development of the senior housing project on the property.
Title
To authorize the Director of the Department of Development to enter into an option agreement or agreements as needed to sell and transfer by quitclaim deed approximately 4.1+/- acres of land, located on the east side of Wheatland Ave, at the terminus of Glenview Boulevard to Wheatland Crossing Limited Partnership in exchange for the payment of $500,000.00; and to declare an emergency.
Body
WHEREAS, by Ordinance 1940-2002, Council Authorized the Director of the Department of Development to acquire 22.5+ located on the east of Wheatland Avenue and north of West Broad Street for $450,000 for future redevelopment; and
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