Explanation
Background: Capitol South Community Urban Redevelopment Corporation has declared its intention to cause the redevelopment of the southwest corner of High and Rich Streets with a downtown housing project and to ask that Sections 5709.41 through 5709.43 of the Ohio Revised Code be employed to create a tax increment financing arrangement. In support of its resort to that statute, the City has previously determined that the real estate is situated in a blighted area and declared the necessity and its intent to acquire fee simple title to the underlying real estate. The acquisition of that property has now been negotiated with the owner, Otto Beatty, Jr., and this ordinance authorizes the acquisition and disposition of that property by the City in support of and to facilitate its planned redevelopment by MAS Companies into a for-sale, residential condominium project six stories in height and containing approximately 48 units. This legislation authorizes the Director of Development to enter into contracts for the purchase of the property from Otto Beatty Jr. and the sale of the property to Capitol South, to execute a quit-claim deed to Capitol South conveying title to the site, and to execute any and all other pertinent documents necessary to effect such conveyance.
Fiscal Impact: None. This will be a simultaneous acquisition and conveyance of the property for the same price.
Title
An ordinance authorizing the Director of Development to enter into a contract providing for the purchase of property located at the southwest corner of High and Rich Streets from Otto Beatty Jr.; to simultaneously enter into a contract providing for the immediate conveyance after purchase of all of the City's interest in this same property to Capitol South Community Urban Redevelopment Corporation; to execute a quit claim deed conveying such property to Capitol South; to enter into and execute any and all other documents necessary to effect such conveyance; ...
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