Explanation
BACKGROUND: By Ordinance 0209-2014, the Director of the Department of Development was authorized to sell and transfer 12 parcels to Buckeye Community Forty Four, LP, a subsidiary of Buckeye Community Hope Foundation. The sites are a part of a proposed scattered site housing project around the former Kent Elementary School in Driving Park. The Developer made application for 2014 Low Income Housing Tax Credits, but did not receive approval. Now the Developer requests additional Land Bank properties to apply for 2015 Low Income Housing Tax Credits. This legislation authorizes the Director of the Department of Development to enter into an option agreement or sales contract to sell and transfer an additional 34 parcels for the project.
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 enable the City to immediately enter into the necessary agreements allowing the buyer to meet the application deadlines established by the Ohio Housing Finance Agency, which is required to complete the development of the lease-to-own project.
Title
To authorize the Director of the Department of Development to enter into an option agreement or agreements as needed to sell and transfer by quitclaim deed 34 parcels, located in the Driving Park area to Buckeye Community Forty Four, LP; and to declare an emergency.
Body
WHEREAS, by Ordinance 0209-2014, Council authorized the Director of the Department of Development to sell and transfer 12 parcels to Buckeye Community Forty Four, LP, a subsidiary of Buckeye Community Hope Foundation. The sites are a part of a proposed scattered site housing project around the former Kent Eleme...
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