Explanation
Background: The City of Columbus, which is in engaged in the redevelopment of the King Lincoln District area. Ordinance 1089-2004 authorized the City Attorney to pursue options to purchase real property in connection with the King Lincoln District Acquisition Project. The exercise of any option to purchase was made contingent upon future ordinances appropriating and authorizing the expenditure of such funds as are necessary for such purchases. The opportunity now exists for the City to purchase one of the real properties identified for acquisition, located at 113 North 17th Street. The Director of Development has requested the City Attorney to proceed with acquisition of this property. The acquisition of this property involves the City's assumption of a buyer's existing purchase contract. The following legislation authorizes the City Attorney to purchase "113 North 17th Street" by assuming an existing purchase contract in amount of $68,000.
Fiscal Impact: It has been determined that funding for this expenditure will be from the Northland and Other Acquisition Fund.
Emergency Justification: Emergency action is requested in order to allow for the immediate exercise of the City's purchase before the expiration date of the purchase contract.
Title
To authorize the City Attorney to purchase property necessary to the King Lincoln District Acquisition Project by assuming an existing purchase contract for that real estate located at 113 North 17th Street, to expend $68,000.00 from the Northland and Other Acquisition Fund and to declare an emergency. ($68,000.00).
Body
WHEREAS, Ordinance 1089-2004, passed on 6-28-04, authorized the City Attorney, to acquire options to purchase real property and to expend monies for payment of options in connection with the King Lincoln District Acquisition Project; and
WHEREAS, the Department of Development has requested the City Attorney to purchase the real property located at 113 N...
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