Explanation
BACKGROUND: This legislation authorizes the Director of Development to amend an Agreement with Miracit Development Corporation, Inc. (Miracit) to release Miracit from reimbursing the City for the value of the land conveyed and to authorize the Director of Development to issue any release or modification needed to clear the title on property subject to the agreement.
This amendment and release will allow the remaining lots in the Greenview subdivision to be acquired by the Central Ohio Community Improvement Corporation (COCIC) which will work with another developer to construct homes on the lots with the lots being owned by the Community Land Trust sponsored by COCIC.
FISCAL IMPACT: There is no fiscal impact.
Title
To authorize the Director of Development to amend an agreement with Miracit Development Corporation, Inc. (Miracit) to release Miracit from its obligations under the agreement to reimburse the City of Columbus for value of the land conveyed; to authorize the Director of Development to issue any release or modification needed to clear the title on property subject to the agreement; and to declare an emergency.
Body
WHEREAS, agreement DL011981 was entered into with Miracit Development Corporation, Inc.(Miracit) in 2006 to convey land worth $350,000 and provide infrastructure improvements totaling $1,243,082; and
WHEREAS, Miracit completed all infrastructure work and successfully developed 25 of the 30 lots in Greenview Estates; and
WHEREAS, Miracit suffered financial difficulties unrelated to Greenview Estates and has not been able to complete the development of the 5 remaining lots in the development; and
WHEREAS, Miracit has the opportunity to convey the remaining lots to the Central Ohio Community Improvement Corporation which plans to convey the lots into the Community Land Trust; and
WHEREAS, in order to convey the remaining lots, Miracit must have the restrictions in the deed, which was imposed in the agreement relea...
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