Explanation
BACKGROUND: On September 9, 2013, City Council approved Ordinance 2120-2013 to authorize the Director of the Department of Development to enter into an option agreement to sell and transfer 1267-1271 Mt. Vernon Avenue (010-029517) to Columbus Metropolitan Housing Authority (CMHA) in exchange for the payment of $9,600.00. This legislation authorizes an assignment of the option agreement and the sale of the property to the Central Ohio Community Improvement Corporation (COCIC). COCIC owns the adjacent parcel, the former site of the Poindexter Tower, and entered into an agreement to sell the site to CMHA. By authorizing the direct transfer of the City owned parcel to COCIC, the site can be combined into one large parcel to allow the submittal of a subdivision plat prior to the transfer of the combined site to CMHA.
FISCAL IMPACT: 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. The City will receive $9,600 from the sale.
EMERGENCY JUSTIFICATION: Emergency action is requested to enable the City to immediately enter into the necessary agreements allowing the buyer to allow the development to start as soon as possible.
Title
To authorize the Director of the Department of Development, on behalf of the City of Columbus, to execute those documents as approved by the Department of Law, Division of Real Estate, necessary to enter into an option agreement or contract for the sale of 1267-1271 Mt. Vernon Avenue, to allow an assignment of the contract, and to execute a quitclaim deed and any ancillary documents as may be necessary to transfer title thereto to Columbus Metropolitan Housing Authority or the Central Ohio Community Improvement Corporation in exchange for the payment of $9,600; and to declare an emergency.
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