Explanation
BACKGROUND: The City’s Land Bank program seeks to acquire a parcel located near its current holdings on Joyce Ave to consolidate into larger tract of land for an affordable housing project. The acquisition will support its ongoing efforts to make property available for affordable housing partners to develop Low Income Housing Tax Credit (LIHTC) units, Land Trusts, or other affordable housing. This legislation will authorize the Director of the Department of Development to execute any and all documents that are necessary to acquire property, as approved by the City Attorney’s Office, and spend an amount not to exceed $62,000.00. Expenditures will include purchasing the real property, costs associated with conducting the City’s due diligence, title review and professional services.
FISCAL IMPACT: Funding is available within Fund 7739 (Development Taxable Bonds), P440104-100024 (Strategic Acquisition Fund).
EMERGENCY JUSTIFICATION: Emergency action is requested to implement the acquisition plan and begin the purchase of properties as soon as possible. Also, the City has entered into a contract, approved by the City Attorney’s Office, which has date specific requirements to perform due diligence activities within the contract period. If the City is not able to meet those obligations, the contract would be voided.
Title
To authorize the Director of the Department of Development, or his designee, to acquire three properties for the City’s Land Reutilization Program; to execute any and all documents, as approved by the City Attorney, necessary for conveyance of title and related services; to authorize an expenditure not to exceed $62,000.00 from the Development Taxable Bonds Fund; and to declare an emergency. ($62,000.00)
Body
WHEREAS, in Ordinance 1325-98, City Council adopted and elected to use the Ohio Revised Code Chapter 5722, Land Reutilization Program, to facilitate effective reutilization of nonproductive land in the City acquired throu...
Click here for full text