Explanation
BACKGROUND: Ordinance 0143-2013 authorized the Director of the Department of Development to sell and transfer approximately 4.1+/- acres of land, located on the east side of Wheatland Ave, at the terminus of Glenview Boulevard to Wheatland Crossing Limited Partnership for the payment of $500,000.00. The property is a part of a 22.5 acre property acquired by the City from the State of Ohio in 2002. The sale was contingent on the allocation of Low Income Housing Tax Credits under the 9% Tax Credit Allocation to fund a 60-unit senior housing development. The project did not receive State approval and the property was not sold. The developer now seeks 2015 Low Income Housing Tax Credits under the 4% Tax Credit Allocation and requires additional development subsidy to fund the project. The Department of Development desires to eliminate the acquisition cost of the property as a way to increase City support and allow the project to proceed, pending final approval by the Ohio Housing Finance Agency. This legislation authorizes the Director of Development to enter into the necessary option agreement or agreements as needed to sell and transfer of the property for one dollar to Wheatland Crossing Limited Partner, a subsidiary of The Woda Group, Inc. On February 27, 2012, Council authorized the rezoning to permit the intended uses (Ord. No. 0328-2012).
FISCAL IMPACT: No funding is required for this legislation. That the sale proceeds to be received by the City shall be deposited as determined by the City Auditor.
EMERGENCY JUSTIFICATION: Emergency action is requested to enable the City to immediately enter into the necessary agreements allowing the buyer to meet the application deadlines established by the Ohio Housing Finance Agency, which is required to complete the development of the senior housing project on the property.
Title
To authorize the Director of the Department of Development to enter into an option agreement or agreements as needed to se...
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