Explanation
BACKGROUND: On April 4, 2020, Council approved Ordinance 0840-2020 to authorize the Director of Development to sell 8 land bank vacant parcels to a subsidiary of the Finance Fund. The parcels will be used as a part of the Warner Junction, a 56-unit affordable housing development under the FHAct 50 Building Opportunity Fund. One parcel was omitted from the original legislation. This legislation will authorize the sale of 149-151 Hayden Ave. (010-001564) as a part of the project.
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 convey the property in October to meet project deadlines.
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 149-151 Hayden Ave. (010-001564), located in the Franklinton neighborhood to Finance Fund 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 5722.06 and 572...
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