Explanation
BACKGROUND: One parcel 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 one parcel at 27 N Oakley Ave., (010-053030) to Columbus Next Generation Corporation, who, in partnership with Hilltop Rise and National Church Residences, will submit a mixed-use, over 55 affordable housing development for LIHTC. Once completed, the project will house approximately 80 residential units along with 3,000 square feet of commercial space. The project will be part of the Hilltop Bank Block redevelopment effort. The parcel will be transferred by deed recorded in the Official Records of the Franklin County Recorder’s Office.
This legislation is presented as 30-day legislation.
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.
Title
To authorize the Director of the Department of Development to execute any and all necessary agreements and deeds for conveyance of title of one parcel of real property 27 N Oakley Ave. held in the Land Bank pursuant to the Land Reutilization Program. ($0.00)
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...
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