Explanation
BACKGROUND
This legislation authorizes the Director of the Department of Development to transfer two tracts of land to FF East Franklinton Condos, LLC, an Ohio limited liability company and subsidiary of the Ohio Community Development Finance Fund. The entity will enter into an agreement with the Central Ohio Community Land Trust (COCLT) to develop the tracts into Columbus’ first land trust condominium development. The project received approval from the East Franklinton Review Board and will consist of a total of 20 units in four townhouse-style buildings. The property will be held by FF East Franklinton Condos during construction, which will be financed by the Finance Fund. After completion, the condominiums will be established and the underlying land will be transferred to COCLT. This project may serve as a model for future land trust condominium developments. The COCLT is a subsidiary of the Central Ohio Community Improvement Corporation, the Franklin County Land Reutilization Corporation.
FISCAL IMPACTS
None
Title
To authorize the Director of the Department of Development to execute any and all necessary agreements and deeds for conveyance of title of tracts of real property located at 638 Sullivant Avenue and 245 S. Skidmore Street held in the Land Bank pursuant to the Land Reutilization Program.
Body
WHEREAS, by Ordinance 1325-98, Council adopted and elected to use the Revised Code Chapter 5722, Land Reutilization Program, to facilitate effective reutilization of nonproductive land acquired through a sale pursuant to a foreclosure proceeding initiated by the Franklin County Treasurer, or through a sale of forfeited lands by the Franklin County Auditor, or through a conveyance in lieu of foreclosure to foster either return of such land to tax revenue generating status or its devotion to public use, or any other land acquired as part of the land reutilization program; and
WHEREAS, a proposal for the sale of the property which was...
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