Explanation
Background: Taylor Homes is a residential revitalization project containing a mix of new single-family homes and rehabilitated rental properties. Once completed there will be 24 renovated/new dwelling units. 22 will be market rate single family and 2 units will be rental. Three vacant doubles are available for purchase and can be renovated to complete the rental property portion of the project. Since its inception in 2003, the Taylor Homes project has been successful in reaching its stated goals of improving the housing stock and increasing home ownership along the Taylor Avenue corridor. These vacant properties, however, currently contribute to the remaining blight along the corridor, and need to be acquired and properly maintained and improved for the successful completion of the project.
Fiscal Impact: $170,000 is available in the 2007 Capital Improvements Budget
Emergency Justification: Emergency action is requested in order to advance the Taylor Homes project towards completion now that there are willing sellers of the key properties and to reach the closing stage within the timeframe established.
Title
To amend the 2007 Capital Improvements Budget; to authorize the transfer of cash between projects within the same fund; to authorize the Director of Development to enter into a contract with Columbus Urban Growth Corporation for up to $170,000 to purchase three vacant properties for the Taylor Avenue Homes project; to authorize the expenditure of $170,000 from the Northland and Other Acquisitions Fund; to waive the provisions of Chapter 329 of Columbus City Code; and to declare an emergency. ($170,000)
Body
WHEREAS, Columbus Urban Growth Corporation has successfully gained control of most key properties within the Taylor Homes project boundaries; and
WHEREAS, 100% of the rental units and 94% of the single family homes have been renovated/constructed and transferred to new residents/owners; and
WHEREAS, t...
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