Explanation
BACKGROUND: One property currently held in the Land Bank is proposed for disposition under the Neighborhood Stabilization Program (NSP). 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 such real property. 1072 E. Long Street (010-003798), will be sold to Columbus Housing Partnership (CHP) for the sum of $1,500.00 plus recording fees, to develop a 7-unit condominium development. CHP will build the condominiums as a part of the North of Broad project and will sell the completed units to homeowners. The property was a City of Columbus Environmental Court Foreclosure purchased with Neighborhood Stabilization Funds. The redevelopment will be funded through the Neighborhood Stabilization Program. The property will be transferred by deeds and recorded in the Official Records of the County Recorder's Office.
FISCAL IMPACT: No funding is required for this legislation. 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 action is requested to expedite the transfer of the property to allow the developer to complete a pending zoning application and to meet NSP deadlines to obligate funds.
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 vacant parcel of real property (1072 E. Long Street) held in the Land Bank pursuant to the Neighborhood Stabilization Program; and to declare an emergency.
Body
WHEREAS, ordinance 1860-2008 adopted the City's Neighborhood Stabilization Program, authorized the filing of the Neighborhood Stabilization Program application with...
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