Explanation
BACKGROUND: Four parcels currently held in the Land Bank are proposed for disposition under the Neighborhood Stabilization Program (NSP). In order to complete the transfer, authorization is needed for the Director of the Department of Development to execute any and all agreements and deeds for conveyance of such real property. 905 East Long Street (010-049313), 915 E. Long Street (010-035014), 909-911 East Long Street (010-038048), and 106 North 17th Street (010-031982) will be sold to City County Holding Company (CCHC), a subsidiary of the Affordable Housing Trust of Columbus and Franklin County, to develop a mixed-use development. CCHC will relocate their existing office, occupying a portion of the ground floor, and construct apartments in the remainder of the building. The apartments will be occupied by tenants at or below 50% of the area median income. A portion of the redevelopment will be funded through the Neighborhood Stabilization Program. The property will be transferred by deeds and recorded in the Official Records of the County Recorder's Office.
FISCAL IMPACT: No funding is required for this legislation. 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.
EMERGENCY JUSTIFICATION: Emergency action is requested to expedite the transfer of the property to expedite the start of construction.
Title
To authorize the Director of the Department of Development to execute any and all necessary agreements and deeds for conveyance of title of four parcels of real property held in the Land Bank pursuant to the Land Reutilization and Neighborhood Stabilization Programs; and to declare an emergency.
Body
WHEREAS, ordinance 1860-2008 adopted the City's Neighborhood Stabilization Program, authorized ...
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