Explanation
BACKGROUND: Authorization is needed for the Director of the Department of Development to enter into an option agreement or sales contract to sell and transfer 12 parcels to Buckeye Community Forty Four, LP, a subsidiary of the Buckeye Community Hope Foundation. The sites are a part of a proposed 40-unit scattered site project around the former Kent Elementary School in Driving Park. The project is contingent on the allocation of 2014 Low Income Housing Tax Credits. This legislation authorizes the Director of Development to enter into the necessary option agreement or agreements as needed to sell and transfer of the property.
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 enable the City to immediately enter into the necessary agreements allowing the buyer to meet the application deadlines established by the Ohio Housing Finance Agency, which is required to complete the development of the lease-to-own project.
Title
To authorize the Director of the Department of Development to enter into an option agreement or agreements as needed to sell and transfer by quitclaim deed 12 parcels, located in the Near East neighborhood to Buckeye Community Forty Four, LP; and to declare an emergency.
Body
WHEREAS, Ordinance 1860-2008 adopted the City’s Neighborhood Stabilization Program, authorized the filing of the City’s Neighborhood Stabilization Program application with the United States Department of Housing and Urban Development, and made a substantial amendment to the Consolidated Plan’s 2008 Action Plan; and
WHEREAS, Ordinances 0234-2009 and 0136-2009 authorized the Director of the Department of Developmen...
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