Explanation
BACKGROUND: One vacant parcel currently held in the Land Bank has been 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 the real property. This legislation authorizes the Director of Development to transfer one parcel located at 143 Wilson Avenue (010-031025) to Julap, LLC and Investment One Corporation, LTD, two separate Ohio Limited Liability Corporations, who will maintain the vacant parcel as a side yard lot expansion for a rental property owned jointly by both companies. The City acquired and demolished a blighted single family dwelling on the parcel using funds from the Neighborhood Stabilization Program. The parcel will be transferred by deed recorded in the Official Records of the Franklin 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 and reduce Land Bank maintenance costs.
Title
To authorize the Director of the Department of Development to execute any and all necessary agreements and deeds for conveyance of title of one parcel of real property (143 Wilson Avenue) held in the Land Bank pursuant to the Land Reutilization Program and Neighborhood Stabilization Program; and to declare an emergency.
Body
WHEREAS, ordinance 1860-2008 adopted the City's Neighborhood Stabilization Program, authorized the filing of the City's Neighborhood Stabilization Program application with the United States Department of Housing and Urban Development, and made a substantial amendment to the Consolidated Plan...
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