Explanation
Background: In 1970, the City as part of the Dennison Avenue Conversation Plan purchased two abutting lots at the northwest corner of West Fourth Avenue and Forsythe Avenue. Subsequently, it was determined that because of its size that the westernmost property was unbuildable. Consequently, the City sold both properties together with restrictive covenants, which prohibited any subsequent owner from splitting off either of the parcels, or selling either parcel separately. The current owner now has a separate buyer for each property, and requests that the City release its restrictive covenants on the subject properties, so they made be sold separately. After investigation by the Department of Development, it is recommended that the proposed restrictions be released. Releasing the restrictions has the support of the Victorian Village Commission. The following legislation authorizes the Director of the Department of Development to execute those documents necessary to release certain restrictive covenants, which prohibit the separate sale of the two aforementioned abutting lots.
Fiscal Impact: The Real Estate Division, Department of Law has established $250.00 as the value of the release of the subject restrictive covenants. The aforementioned fee shall be deposited into the proper fund as set forth in the body of this legislation.
Emergency Justification: N/A
Title
To authorize the Director of the Department of Development to execute those documents necessary to release certain restrictive covenants, which prohibit the separate sale of two abutting lots, located at 248 West and 250 West Fourth Avenue.
Body
WHEREAS, In 1970, the City purchased two abutting lots, located at the northwest corner Fourth Avenue and Forsythe Avenue, as part of the Dennison Avenue Conservation Plan; and
WHEREAS, Subsequently, the westernmost property was deemed unbuildable as a separate lot; and
WHEREAS, Upon sale of the lots, the ...
Click here for full text