Explanation
BACKGROUND: Authorization is requested for the Director of the Department of Development to sell and transfer a 0.8 acre tract of land in the East Franklinton Creative Community District for $70,000. In April, 2016 the Department of Development issued a Request for Development Proposals to solicit development ideas for the site. A proposal submitted by Metropolitan Holdings Acquisitions LLC was selected by a Review Committee out of a total of four proposals. The proposed development includes two multifamily buildings with a total of 45 one and two bedroom units with off street parking. The East Franklinton Review Board voted to approve the development at its December, 2016 meeting.
FISCAL IMPACT: 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.
Title
To authorize the Director of the Department of Development to enter into agreements as needed to sell and transfer by quitclaim deed approximately 0.8 acres located at 510 W. Town Street to Metropolitan Holdings Acquisitions, L.L.C. for $70,000.00; and to declare an emergency. ($70,000.00)
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 nonproductive land acquired through a sale pursuant to a foreclosure proceeding initiated by the Franklin County Treasurer, or through a sale of forfeited lands by the Franklin County Auditor, or through a conveyance in lieu of foreclosure to foster either return of such land to tax revenue generating status or its devotion to public use, or any other land acquired as part of the land reutilization program; and
WHEREAS, as authorized by City Council Ordinances 2609-2012, 0690-2013, and 2971-2013 the City purchased...
Click here for full text