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File #: 0252-2017    Version: 1
Type: Ordinance Status: Passed
File created: 1/27/2017 In control: Finance Committee
On agenda: 2/27/2017 Final action:
Title: To authorize the Director of Finance and Management to execute a Lease Agreement with Central Ohio Community Investment Corporation (COCIC) for the lease of office space at 845 Parsons Avenue; to authorize the appropriation and expenditure of $193,263.00 from the Land Management Fund; and to declare an emergency ($193,263.00).
Attachments: 1. 0252-2017 Ordianance Funding Attachment
Explanation

Background: The Department of Development Division of Land Redevelopment operates the City of Columbus Land Bank program and works closely with the Franklin County Land Bank - Central Ohio Community Improvement Corporation (COCIC). In 2016, the City of Columbus, in partnership with the Franklin County Land Bank was awarded $12 million in demolition funds from an Ohio Housing and Finance Agency’s Neighborhood Initiative Program (NIP) grant. Along with additional Capital Improvement Funds from the City, the combined Land Banks are dedicated to a second phase of the Vacant and Abandoned Property Initiative (VAP) that will continue through 2019. To further promote their collaborative efforts to return blighted, vacant, and tax-delinquent properties to productive use for the benefit of the public, the Division of Land Redevelopment and Central Ohio Community Improvement Corporation desire to co-locate operations at 845 Parsons Avenue, the Land Bank Center. COCIC owns the property and will be responsible for its maintenance and management with the City providing in-kind services and paying a pro-rata share of the operating costs based on the occupancy allocated for use by the Division of Land Redevelopment.

This legislation authorizes the Director of Finance and Management to execute a Lease Agreement with Central Ohio Community Investment Corporation for an initial seven (7) year term and subject to appropriation and certification of funds by City Council automatically renew for up to two (2) additional periods of seven (7) years each under the same terms and conditions except rent which shall be calculated using similar methodology as used for the initial term.

Fiscal Impact: This ordinance authorizes the appropriation and expenditure of $193,263.00 from funds available in the Land Management Fund for the first seven years of the agreement.

Emergency Justification: Emergency action is requested to enable the City to move into the new office spac...

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