Explanation
BACKGROUND: Three parcels currently held in the Land Bank has been approved for disposition. In order to complete the transfer, authorization is needed for the Director of the Department of Development to execute any and all agreements and deeds for conveyance of the real property. This legislation authorizes transfer of three parcels located 475 Jenkins Ave. (010-011811), 1017 Studer Ave. (010-042633) and 1698-1700 E Whittier St. (010-050055) to Healthy Rental Homes IX, LLC, who will construct two family homes on the vacant parcels under a new pilot program (Moderately Priced Housing Initiative). The parcels will be transferred by deed recorded in the Official Records of the Franklin County Recorder’s Office.
FISCAL IMPACT: 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 Legislation is requested to expedite the transfer in order to reduce Land Bank maintenance costs.
Title
To authorize the Director of the Department of Development to execute any and all necessary agreements and deeds for conveyance of title of three parcels of real property (475 Jenkins Ave., 1017 Studer Ave. and 1698-1700 E Whittier St.) held in the Land Bank to Healthy Rental Homes IX, LLC pursuant to the Land Reutilization Program; and to declare an emergency.
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 t...
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