Explanation
Background: The Department of Public Utilities, Division of Sewerage and Drainage has determined that it is in the best interest of the City of Columbus to assist a private developer in obtaining certain sewer easements across certain real property, owned by Conrail. The subject property is located in the vicinity of Hayden Run Road and the railroad. Dominion Homes, the developer, has agreed to pay all costs incurred by the City related to its assistance in this matter. The City of Columbus and Dominion Homes, Inc., desire to enter into an Escrow Agreement subsequently authorizing the City Auditor to act as the Escrow Agent to facilitate the acquisition of the aforementioned real property interest(s), and in accordance with the intent of the Escrow Agreement, the City Attorney be authorized to contract for professional services and to acquire real property interests necessary for the extension of the Upper Scioto West S.S.S. Hayden Road Area, Vicinity of the Railroad. The escrow agreement is necessary to provide a funding mechanism for those acquisitions. The following legislation authorizes the execution of those documents necessary to enter into an Escrow Agreement by, between and among the Columbus City Attorney, Columbus City Auditor and Dominion Homes, Inc., an Ohio corporation, and further authorizes the Auditor act as Escrow Agent on behalf of the City.
Fiscal Impact: Funding for this project will come from an escrow or trust fund in the name of the Escrow Agent and identified as Fund No. 324-030.
Emergency Justification: Emergency action is requested to allow the establishment of the Escrow Account to proceed without delay thereby allowing this project to remain within the established time frame thus avoiding a more costly future alternative.
Title
To authorize the City Attorney and the City Auditor to enter into an Escrow Agreement with Dominion Homes, Inc., an Ohio corporation, to facilitate the acquisition of cer...
Click here for full text