Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to enter into an option agreement or sales contract, and execute all agreements and deeds for the conveyance of 2 parcels currently held in the Land Bank. The parcels will be conveyed to Columbus Housing Partnership, Inc. and/or Third Avenue Homes LLC, a subsidiary established for this project. The sites are a part of a proposed scattered site housing project in the Milo-Grogan neighborhood. The Developer intends to use the Land Bank properties to apply for 2016 Low Income Housing Tax Credits.
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, 2 parcels, located in the Milo-Grogan area, to Columbus Housing Partnership, Inc. or Third Avenue Homes LLC; and to declare an emergency.
Body
WHEREAS, the Department of Development desires to sell and transfer 2 parcels and allow the Developer to make application for 2016 Low Income Housing Tax Credits; and
WHEREAS, by Ordinance 1325-98, Council adopted and elected to use the Revised Code Chapter 5722, Land Reutilization Program, to facilitate effective reutilization of nonproductive land acquired through a sale pursuant to a foreclosure proceeding initiated by the Franklin ...
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