Explanation
BACKGROUND: Four parcels 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. Gertrude Woods Community Foundation (GWCF) is partnering with four separate entities owned by graduates of the Affordable Housing Trust’s Emerging Developers Accelerator Program (EDAP). EDAP will provide funding to each of the entities who will construct new two-family houses with GWCF on the vacant parcels. This legislation authorizes transfer of four parcels located 858 Miller Ave. (010-007121) to Ekari P 858, LLC; 885 Miller Ave. (010-043130) to McAdams Family Ventures, LLC., Series 3; 917MillerAve, LLC. (010-013007) to 917 Miller Ave.; 1051 Miller Ave. (010-029844) to Wax Investment, LLC who will construct the units under the Land Bank’s Moderately Priced Housing Initiative requiring. Units will be rented to households at or below 80% of the area median income. The parcels 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.
EMERGENCY JUSTIFICATION: Emergency Legislation is requested to expedite the transfer in order to finalize the construction contracts and to meet the August closing date set by the lender.
Title
To authorize the Director of the Department of Development to execute any and all necessary agreements and deeds for conveyance of title of four parcels of real property (858 Miller Ave., 885 Miller Ave., 917 Miller Ave., and 1051 Miller Ave.) held in the Land Bank pursuant to the Land Reutilization Program and to ...
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