Explanation
BACKGROUND: Authorization is requested to transfer 879 E. Long Street (the Edna Building) to the Central Ohio Community Improvement Corporation (COCIC) to allow an application to the Ohio Historic Preservation Tax Credit Program. COCIC will hold the property on the City’s behalf, since the program does not permit an application for a City-owned building. In 2015, the City’s Land Bank Program issued a Request for Development Proposals for the redevelopment of the commercial building. A proposal submitted by a group that included Tim Lai Architects was selected and will be the applicant for the Tax Credits. In 2016, the building received nomination to the National Register of Historic Places, making the building eligible for National and State Historic Tax Credits. The proposal involves a comprehensive renovation of the structure with an estimated $1,000,000 in investment. The applicant will use the second floor as their office, and will include a first floor café and additional office space for lease on the third floor. If the project receives approval, the building will be transferred to the applicant for $30,000.
FISCAL IMPACT: The City will receive all proceeds of sale minus any cost incurred by COCIC.
EMERGENCY JUSTIFICATION: Emergency action is requested to expedite the transfer in order to meet the March 30 Ohio Historic Preservation Tax Credit Program deadline.
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 (879 E. Long Street) 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 nonproductive land acquired through a sale pursuant to a foreclosure proceeding initiated by the Franklin County Tr...
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