Explanation
BACKGROUND: The Land Bank seeks authorization to sell 3.35+/- acres of land to a partnership of the Woda Cooper Companies and Community Development for All People to construct an affordable housing project. The site currently consists of 8 parcels and is located at the northeast corner of Lockbourne and Smith Roads in the Innis Garden Village section of the South Side. The site was the location of a blighted 118-unit apartment complex demolished by the Land Bank in 2012. The project will consists of a three-story midrise building with up to 60 rental units and 7 lease purchase single-family homes. All units will be affordable to households between 30-80% Area Median Income. The sale will be contingent on the project receiving an allocation of 4% Low Income Housing Tax Credits and a rezoning to allow the use. This legislation authorizes the Director of Development to enter into the necessary agreements as needed to sell and transfer the property for $260,000 to the entity established to receive the credits and hold the property for the project.
FISCAL IMPACT: 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 show site control and meet the application deadlines established by the Ohio Housing Finance Agency, which is required to complete the development of the affordable housing project on the property.
Title
To authorize the Director of the Department of Development to enter into agreements, as needed, to sell and transfer, by quitclaim deed, approximately 3.35+/- acres of land located at the northeast corner of Lockbourne and Smith Roads to Lockbourne Green Limited Partnership, or other entity established for the project, for $260,000.00, and to declare an emergency.
Body
WHEREAS, by Ordinance 1325-98, Council adopted and elected to use the Re...
Click here for full text