Explanation
BACKGROUND: Two properties currently held in the Land Bank are approved for disposition. 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. Columbus Compact Corporation will purchase a two-family dwelling located at 1037-1039 E. Main Street (010-051611) and a vacant lot at 1041-1043 E. Main Street (010-026196) to redevelop under the Neighborhood Stabilization Program. The properties 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 allow the developer to meet the obligation deadline established by the Neighborhood Stabilization Program.
Title
To authorize the Director of the Department of Development to execute any and all necessary agreements and deeds for conveyance of title of two parcels of real property (1037-1039 E. Main Street and 1041-1043 E. Main Street) held in the Land Bank pursuant to the Land Reutilization Program; and to declare an emergency.
Body
WHEREAS, by Ordinance 2161-93 Council adopted and elected to use the Revised Code Chapter 5722, Land Reutilization Program, to facilitate effective reutilization of nonproductive land acquired through a sale pursuant to a foreclosure proceeding initiated by the Franklin County Treasurer, or through a sale of forfeited lands by the Franklin County Auditor or through a conveyance in lieu of foreclosure to foster either return of such land to tax reven...
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