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File #: 1807-2019    Version: 1
Type: Ordinance Status: Passed
File created: 6/25/2019 In control: Finance Committee
On agenda: 7/15/2019 Final action: 7/17/2019
Title: To authorize the Director of Finance and Management to execute those documents necessary to enter into a Real Estate Purchase and Sale Contract with Executive Office Group, LLC for the sale of city-owned property located at 2682 Cleveland Avenue and to execute those documents necessary to grant fee simple title; and to declare an emergency.
Explanation

Background: This ordinance authorizes the Director of Finance and Management to sell that city-owned property located at 2682 Cleveland Avenue, Columbus, Ohio, containing approximately .302 acres and identified as Franklin County Auditor Tax Parcel 010-059116. This property is not needed to support city operations and is considered surplus. The Department of Finance and Management, Real Estate Management Office, marketed this surplus property for sale through a commercial real estate listing and received a purchase offer that has been negotiated with terms acceptable to the City.

This legislation authorizes the Director of Finance and Management to enter into a Real Estate Purchase and Sale Contract by and between the City and Executive Office Group, LLC, an Ohio limited liability company, for a sales price of Fifty Two Thousand Nine Hundred Dollars ($52,900.00) and to execute those documents necessary to grant fee simple title to the City’s real property situated at 2682 Cleveland Avenue, Columbus, Ohio and identified as Franklin County Auditor Tax Parcel 010-059116. The Buyer intends to rehabilitate the existing structure and convert it into office suites.

Fiscal Impact: The City will receive proceeds from the sale in the amount of $52,900.00 that will be deposited in Fund 7748, the General Permanent Improvement Fund.

Emergency Justification: Emergency action is requested to allow for the immediate execution of the agreement by the City so that the sale can proceed without delay to meet the closing deadline and other terms of the Real Estate Purchase and Sale Contract.

Title

To authorize the Director of Finance and Management to execute those documents necessary to enter into a Real Estate Purchase and Sale Contract with Executive Office Group, LLC for the sale of city-owned property located at 2682 Cleveland Avenue and to execute those documents necessary to grant fee simple title; and to declare an emergency.

Body

WHEREAS, the City i...

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