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 Revised Code Chapter 5722, Land Reutilization Program, to facilitate effective reutilization of nonproductive land acquired through a sale pursuant to a foreclosure proceeding initiated by the Franklin County Treasurer, or through a sale of forfeited lands by the Franklin County Auditor, or through a conveyance in lieu of foreclosure to foster either return of such land to tax revenue generating status or its devotion to public use, or any other land acquired as part of the land reutilization program; and
WHEREAS, a proposal for the sale of the property which was acquired pursuant to Ohio Revised Code Section 5722.03 or 5722.06 meets the Land Reutilization Program’s Disposition Policies and Guiding Principles and has been approved by the Land Redevelopment Office Administrator; and
WHEREAS, in conformity with Ohio Revised Code Section 5722.07, the property will be sold at not less than fair market value, defined as the appraised value of the nonproductive land made with reference to any redevelopment and reutilization restrictions as may be imposed by the electing subdivision as a condition of sale or as may otherwise be applicable to such; therefore, competitive bidding is not required; and
WHEREAS, an appraisal by VSI Appraisal Group was received with the application and estimated the as-is value of the vacant land at $260,000; and
WHEREAS, this legislation is required to enter into an agreement to sell the property and allow the buyer to make application to the Ohio Housing Finance Agency for Tax Credits and to apply to rezone the property; and
WHEREAS, in order to complete the transfer of such property to the purchaser, authority is needed for the Director of the Department of Development to execute any and all necessary agreements and deeds of conveyance for the real property; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development, Land Redevelopment Office in that it is immediately necessary to convey title of said parcel of real estate to expedite the transfer in order to reduce Land Bank maintenance costs, all for the immediate preservation of the public health, peace, property, safety and welfare; and now therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Director of the Department of Development is hereby authorized to execute those documents, on behalf of the City of Columbus, as approved by the Department of Law, Division of Real Estate, necessary to enter into agreements for the sale of approximately 3.35 acres, and to execute a quitclaim deed and any ancillary documents as may be necessary to transfer title thereto in exchange for the payment of $260,000.00 to Lockbourne Green Limited Partnership, or other entity established by the applicant, to hold the property for the development;
ADDRESS: 1826 Smith Court (010-117344)
1814 Smith Road (010-117343)
1817 Smith Road (010-132189)
1102 Smith Road (010-089600)
1836 Lockbourne Avenue (010-089608)
1824 Lockbourne Avenue (010-089601)
1808-1816 Lockbourne Avenue (010-112203)
1827 Smith Road (010-132190)
PRICE: $260,000.00
USE: Multi and single-family housing development
SECTION 2. For the property stated in Section 1, that the Director of Development is hereby authorized to execute any agreement, deed restriction, or mortgage to ensure compliance with land bank program rules and the submitted application and to release such restriction or mortgage upon compliance.
SECTION 3. That for good cause shown, the provisions of City Code Chapter 329 relating to the sale of city-owned realty are hereby waived.
SECTION 4. That Council hereby finds that the selection process utilized in this matter is in accordance with the Land Bank Disposition Process created pursuant to the City’s Land Reutilization Program and hereby approves the same.
SECTION 5. That for the reasons stated in the preamble hereto, which is hereby made a part hereof, this Ordinance is hereby declared to be an emergency measure and shall take effect and be in force from and after its passage and approval by the Mayor, or ten days after passage if the Mayor neither approves nor vetoes the same.