Explanation
BACKGROUND: One parcel currently held in the Land Bank has been approved for disposition. 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 the real property. This legislation authorizes transfer of one parcel located at 3080 Sandridge Avenue (010-154346) to Equity Trust Company Custodian FBO Mehran J Moghaddas IRA 50% and Equity Trust Company Custodian FBO Mohammad Reza Asasi IRA 50%. Funds from the IRA accounts will be used to purchase the property for Mr. Moghaddas and Mr. Asasi, who will then rehabilitate the existing single-family structure to be maintained as a rental unit. Council previously authorized the transfer of this parcel in Ordinance 2988-2014, but that transaction could not be completed, since the buyers’ names were not listed correctly for the desired use of their IRA accounts. The parcel will be transferred by deed recorded in the Official Records of the Franklin 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 in order to reduce Land Bank maintenance costs.
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 parcel of real property (3080 Sandridge Ave.) held in the Land Bank pursuant to the Land Reutilization Program; and to declare an emergency.
Body
WHEREAS, by Ordinance 1325-98, Council adopted and elected to use the Revised Code Chapter 5722, Land Reutilization Program, to facilitate effective reutilization of non...
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