Explanation
BACKGROUND: Authorization is needed for the Director of the Department of Development to enter into an option or purchase agreement to sell and transfer 590 Van Buren Drive (010-284122) to Volunteers of America, Greater Ohio in exchange for the payment of $190,000. The site is located within the West Edge Business Center. The sale is contingent on the allocation of 2013 Low Income Housing Tax Credits to fund a 100-unit permanent supportive housing development. 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 to Wheatland Volunteers of America. On December 17, 2012, Council authorized the rezoning and Council Variance of the property to permit the intended uses (Ord. No. 2700-2012; Z12-056 and 2701-2012; CV12-048).
FISCAL IMPACT: 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 or purchase agreement to sell and transfer 590 Van Buren Drive (010-284122) to Volunteers of America, Greater Ohio in exchange for the payment of $190,000.00; 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 eit...
Click here for full text