Explanation
BACKGROUND: In August, 2017 the Department of Development issued a Request for Applications for New Home Construction to solicit development proposals for 23 lots owned by the City and the Central Ohio Community Improvement Corporation (COCIC) in the Milo-Grogan neighborhood. Proposals to construct single family houses submitted by New City Homes, LLC and Milo Grogan Development, LLC were selected by the review committee. Ten of the lots are owned by the COCIC after receiving funds under the Neighborhood Improvement Program (NIP) to demolish blighted structures on the parcels. In order to make the COCIC owned lots available for the project, the City proposes to pay COCIC an amount equal to the anticipated purchase price. The funds will be used to settle NIP mortgages placed on the property by the Ohio Housing Finance Agency for the demolition and allow the properties to transfer to the City to incorporate into one purchase agreement. Authorization is requested for the Director of the Department of Development to sell and transfer the lots.
Emergency action is requested to allow for spring construction to start without delay.
FISCAL IMPACT: This ordinance authorizes an expenditure of $41,974 in the Development Taxable Bonds Fund; sale proceeds to be received by the City shall be deposited as determined by the City Auditor.
Title
To authorize the Director of the Department of Development to enter into agreements and execute documents as needed to sell and transfer by quitclaim deed 23 lots to New City Homes, LLC and Milo Grogan Development, LLC for $99,418.00; to authorize the expenditure of $41,974.00 from the Development Taxable Bonds Fund; to purchase 10 parcels from the Central Ohio Community Improvement Corporation for $41,974.00; and to declare an emergency. ($41,974.00)
Body
WHEREAS, by Ordinance 1325-98, Council adopted and elected to use the Revised Code Chapter 5722, Land Reutilization Program, to facilitate effective reutilizat...
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