Explanation
Background: The City of Columbus desires to purchase that real property located at 3074-3080 East Sixth Avenue, Columbus, Ohio on behalf of the Board of Education of the Columbus City School District ("Columbus School District"). The Secretary of Housing and Urban Development ("HUD"), the owner, desires to sell the property. If the City is the purchaser it can obtain a 30% discount on the asking price. The City would then sell the property to the Columbus School District for the City's cost and expenses in purchasing the property. The Columbus School District to incorporate the land into their new elementary school site. The property at 3074 East Sixth Avenue is the last of eight such structures which have already been acquired by the Columbus School District as part of the new school site. The acquisition of the property is estimated to cost up to $63,000.00, which includes closing costs, but still remains a discount of the property's $87,000 list price. The new school will open for the 2007-2008 school year, thus, timing is an important part of the School District's project. The following legislation authorizes the City Attorney to execute those documents necessary for the purchase of the 3074-3080 East Sixth Avenue property.
Fiscal Impact: The $63,000 will come from the Northland and Other Acquisitions Fund. This legislation authorizes the expenditure of funds.
Emergency Justification: The Board of Education of the Columbus City School District's plans to open the new school for the 2007-2008 school year and therefore emergency action is requested to allow the City Attorney to execute those documents necessary to purchase the Sixth property without delay to meet the School District's proposed schedule.
Title
To authorize the City Attorney to execute those documents necessary to enter into a purchase contract with the Secretary of Housing and Urban Development (HUD) for that 0.1651 acres +/- real property known as 3074-3080...
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