Explanation
BACKGROUND: Authorization is needed for the Director of the Department of Development to enter into an option agreement or sales contract to sell and transfer 8 parcels to the Finance Fund or a subsidiary established for the project. The sites are a part of a proposed 56-unit scattered site project in Franklinton, called Warner Junction, which will include a multi-family building on West Broad Street and 8 two-family houses on land bank lots. The project is one of City’s selections for the FHAct50 Building Opportunity Fund. This legislation authorizes the Director of Development to enter into the necessary option agreement or agreements as needed to sell and transfer of the property.
FISCAL IMPACT: The City may first recover reimbursement of any and all expenses incurred on account of the acquisition, administration, management, maintenance and disposition of such land and such other expenses of the program as the City may apportion to such land from the sale proceeds.
EMERGENCY JUSTIFICATION: Emergency action is requested to enable the City to immediately enter into the necessary agreements allowing the buyer to meet the application deadlines established by the Ohio Housing Finance Agency, which is required to complete the development of this affordable housing project.
Title
To authorize the Director of the Department of Development to enter into an option agreement, or agreements as needed, to sell and transfer by quitclaim deed 8 parcels to the Finance Fund, or a subsidiary established for the project, located in the Franklinton neighborhood and to execute a quitclaim deed and any ancillary documents as may be necessary to transfer title thereto; 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...
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