Explanation
BACKGROUND: Ordinance 0147-2015 authorized the Director of the Department of Development to transfer approximately 4.1+/- acres of land, located on the east side of Wheatland Ave, at the terminus of Glenview Boulevard to Wheatland Crossing Limited Partnership, a subsidiary of the Woda Group. The Woda Group received Low Income Housing Tax Credits (LIHTC) to construct Wheatland Crossing, a 42-unit senior housing complex on the site. This Ordinance will sell an additional 3.50+/- acre tract to construct 51 units of mixed income housing. The project will consist of a 39-unit multifamily building and 12-units in townhouses fronting Wheatland Avenue. The property is adjacent to the Wheatland Farm, an urban farm managed by the Mid-Ohio Foodbank. Both Mid-Ohio Foodbank and Homes on the Hill, the local community development corporation, are partners in the project. The Zoning Committee Ordinances 0255-2018 and 0254-2018 will rezone and establish council variances to allow the construction of the proposed project. The project will require the allocation of tax credits and an application is anticipated for the Ohio Housing Finance Agency’s 2018 Housing Tax Credit deadline in February, 2018. This legislation authorizes the Director of Development to enter into the necessary agreements as needed to sell and transfer of the property for $300,000 to an entity established to receive the credits and hold the property for the project.
FISCAL IMPACT: That the sale proceeds to be received by the City shall be deposited as determined by the City Auditor.
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 senior housing project on the property.
Title
To authorize the Director of the Department of Development to execute those agreemen...
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