Explanation
BACKGROUND: As authorized by Columbus City Ordinance 0144-2013, the Department of Development on behalf of the City of Columbus, Ohio, an Ohio municipal corporation ("City"), transferred real property known as Franklin County Tax Parcel Number 010-044235 (“Site”) to Parsons One, LLC, an Ohio limited-liability company. In the City’s deed of conveyance to Parsons One, LLC described and recorded in Instrument Number 201311260196272, Recorder's Office, Franklin County, Ohio, and pursuant to the City’s Land Reutilization Program, the City reserved a right of reversion and other restrictions to ensure the redevelopment of the site consistent with a site plan approved with Ordinance 2035-2011 (“Development-Reservations”). The existing owner of the site, Parsons Senior, LLC, an Ohio limited liability company, requested the City to release the Development Reservations to comply with a demand of the primary lender for the development. The City has reviewed and determined that a release of the Development-Reservations does not adversely affect the City, because Parsons Senior LLC will enter into a loan agreement, promissory note, mortgage, and a restrictive covenant to require the redevelopment of the property and to receive funds under the HOME Investment Partnership Program. Therefore, this ordinance authorizes the Director of the Department of Development to execute those documents approved by the Columbus City Attorney, Real Estate Division, necessary to release the reversionary interest and restrictions.
FISCAL IMPACT: No funding is required for this legislation.
EMERGENCY JUSTIFICATION: Emergency action is requested in order to not delay the benefit to the City resulting from Parsons Senior LLC’s development of the Site, which preserves the public peace, health, property, safety, and welfare.
Title
To authorize the Director of the Department of Development to execute those documents approved by the Columbus City Attorney, Real Estate Division, necess...
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