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 1201 E. Whittier Street (010-051769) to Dream Living LLC who will construct a three-family home on the vacant parcel under a new pilot program (Moderately Priced Housing Initiative). Once completed, Dream Living LLC intends to rent the homes to tenants at 60% Area Median Income (AMI) in alignment with the City of Columbus affordable housing goals. The principal (Gamal Harding) is a graduate of Cohort One of the Affordable Housing Trust (AHT) Emerging Developer Accelerator Program (EDAP) which has a mission of developing and bringing to the market affordable homes.
The parcel 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.
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 (1201 E. Whittier Street) held in the Land Bank pursuant to the Land Reutilization Program.
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 ...
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