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 15 parcels located within the Franklinton neighborhood to Franklinton Development Association (“FDA”). The sites are a part of a 39-unit scattered site, lease-to-own single-family project FDA will develop. The project will include new construction and is contingent on the allocation of 2016 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 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, 15 parcels located in the Franklinton neighborhood to the Franklinton Development Association or an LLC to be created by the Franklinton Development Association; 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, ordi...
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