Explanation
BACKGROUND: Earlier this year, the Central Ohio Community Improvement Corporation (COCIC) received an award of $5.8 million dollars to demolish 1-4 family structures in Franklin County under Ohio Housing Finance Agency’s Neighborhood Initiative Program (NIP). The NIP will allow COCIC to acquire, demolish, and maintain properties from the City’s Land Reutilization Program. Authorization is requested to allow the Director of the Department of Development to amend the Master Memorandum of Understanding with the COCIC; to transfer eligible properties to the COCIC; to receive payments from the COCIC for acquisition, maintenance, and other eligible costs; and to establish and execute Mortgage, Promissory Notes, Deeds, Mortgage Releases, and other documents necessary to meet the requirements of the Neighborhood Improvement Program.
FISCAL IMPACT: No funding is required for this legislation.
EMERGENCY JUSTIFICATION: Emergency action is requested to transfer eligible properties as soon as possible in order to facilitate the demolition of same.
Title
To authorize the Director of the Department of Development, or his designee, to execute any and all documents necessary to convey title to properties held in the City's Land Reutilization Program to the Central Ohio Community Improvement Corporation; to amend the Master Memorandum of Understanding; to accept payments under the program; to establish and execute Mortgage, Promissory Notes, Deeds, and other documents necessary to meet the requirements of the State's Neighborhood Initiative Program; and to declare an emergency.
Body
WHEREAS, as authorized by City Council Ordinance 0277-2013, the Director of the Department of Development entered into a Master Memorandum of Understanding with the Central Ohio Community Improvement Corporation (COCIC) to create a framework under which the City’s Land Reutilization Program and the COCIC will operate; and
WHEREAS, COCIC made application to the Ohio Housing Fina...
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