Explanation
BACKGROUND: This legislation authorizes the release of the recorded mortgage interest of the City of Columbus in the property at 1833 Franklin Park South that secures an outstanding deferred loan balance of $16,750.00. This loan was made by the City's Department of Human Services, now known as the Department of Development, to borrower Sarah Valerie Bland on March 12, 1990 for certain property improvements made as part of the AmeriFlora beautification project. This property has been Ms. Bland's primary residence for 50+ years. Ms. Bland now needs to sell the property in order to pay for her long-term care so she has requested forgiveness of the deferred loan. The purpose for the release of the City's interests is to enable the transfer of the property in order to avoid the possibility of the home becoming vacant or abandoned.
Emergency action is requested as it is immediately necessary to release the recorded mortgage interest of the City of Columbus in 1833 Franklin Park South.
FISCAL IMPACT: No funding is required for this legislation. There will be a $16,750.00 loss in accounts receivable for the Community Development Block Grant Fund.
Title
To authorize the Director of the Department of Development to release the recorded mortgage interest of the City of Columbus on the property located at 1833 Franklin Park South; and to declare an emergency.
Body
WHEREAS, Sarah Valerie Bland is the Borrower as identified in that certain Mortgage, dated March 12, 1990, in favor of the City of Columbus, Department of Human Services, identified as Book 14925, Page E10 of the Franklin County, Ohio Recorder's Office Official Records ("Mortgage"); and
WHEREAS, the Mortgage encumbers certain property identified therein as 1833 Franklin Park South, Columbus, Ohio, and owned by the Borrower ("Property"); and
WHEREAS, the amounts owed by Borrower to the City of Columbus under the Mortgage relate to moneys made available to Borrower by th...
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