Explanation
This legislation authorizes the expenditure of $1,055,000.00 from the Development Taxable Bond Fund for the acquisition of three properties for the City’s Land Reutilization Program.
The City’s Land Bank program seeks to acquire property to support its ongoing efforts to make property available for affordable housing partners to develop Community Land Trust Housing, Low Income Housing Tax Credit (LIHTC) projects, and other affordable housing. This legislation will authorize the Director of the Department of Development to execute any and all documents that are necessary to acquire property, as approved by the City Attorney’s Office, and spend an amount not to exceed $1,055,000.00. Expenditures will include purchasing real property and costs associated with conducting the due diligence, environmental review and/or remediation, demolition, title review, and other professional services.
Emergency action is requested so the City can enter into real estate contracts and close on the properties prior to the end of the year.
FISCAL IMPACT: Funding is available within Fund 7739, Development Taxable Bonds, Project 440104-100024. An appropriation transfer is required to establish appropriation within the correct division for the project.
Title
To authorize the City Auditor to transfer and appropriation between department divisions; to authorize the Director of the Department of Development, or his designee, to acquire property currently held by the Ohio Community Development Finance Fund for the City’s Land Reutilization Program; to execute any and all documents, as approved by the City Attorney, necessary for conveyance of title and related services; to authorize an expenditure not to exceed $1,055,000.00 from the Development Taxable Bonds Fund; and to declare an emergency. ($1,055,000.00)
Body
WHEREAS, in Ordinance 1325-98, City Council adopted and elected to use the Ohio Revised Code Chapter 5722, Land Reutilization Program, to facilitate effect...
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