Explanation
BACKGROUND: Since 2014, the City of Columbus Land Bank Program and the County’s Land Bank entity, the Central Ohio Community Improvement Corporation (COCIC), have worked in close partnership to identify and target residential structures for demolition under the Neighborhood Improvement Program (NIP). With the adoption of Ordiance 2323-2016 on October 7, 2016, City Council authorized the Director of the Departement of Development to contribute $250,000 toward expediting tax foreclosures to acquire vacant and tax delinquent properties for the Program. The funds were combined with $500,000 from the Franklin County Treasurer and $250,000 from COCIC to initate the foreclosure on 430 properties, to date. As of November, 2017 the land banks have received a total of 209 structures. However, the City Land Bank Program has been able to save over half of the structures acquired to resell for renovation, thereby requiring the need to pursue additional vacant and blighted properties. This legislation will allow the City to spend another $450,000 and continue this initiative into 2018. The City anticiptes the future reimbursement for each dollar spent toward these foreclosures, either as a grant reimbursement after demolition through NIP or through the future sale of a structure for renovation.
FISCAL IMPACT: Funds are available in the Development Taxable Bonds Fund. ($450,000).
EMERGENCY JUSTIFICATION: Emergency action is requested in order to continue ongoing activities to target and demolish vacant and blighted properties.
Title
To authorize the Director of the Department of Development to continue the agreement with the Central Ohio Community Improvement Corporation to spend $450,000.00 to acquire vacant properties for the Neighborhood Improvement Program and the City’s Land Reutilization Program; and to declare an emergency. ($450,000.00)
Body
WHEREAS, since 2014, the Ohio Housing Finance Agency awarded the Central Ohio Community Improvement C...
Click here for full text