Explanation
BACKGROUND: Ordinance 0539-2021, passed March 8, 2021, authorized the Director of the Department of Development to transfer two parcels located at 767 McAllister Ave. (010-039862) and 00000 McAllister Ave. (010-007346) to Jack, June, and Lil Properties LLC, for the sum of $14,049.00 plus a $195.00 processing fee. Since the passage of the original ordinance, the buyer has requested to complete the purchase under a different entity due to tax code requirements associated with the Opportunity Zone Fund. As such, the need exists to amend the buyer’s name, originally Jack, June, and Lil Properties LLC, to G & F QOZB LLC.
Emergency action is requested so the transfer of the property can be made without further delay.
FISCAL IMPACT: No funding is required by this legislation.
Title
To amend Ordinance 0539-2021, passed March 8, 2021, related to the conveyance of title for 767 McAllister Ave. and 00000 McAllister Ave. held in the Land Bank, to amend the Buyer’s name from Jack, June, and Lil Properties LLC to G & F QOZB LLC, and to declare an emergency.
Body
WHEREAS, on March 8, 2021, Columbus City Council passed Ordinance 0539-2021 authorizing the Director of the Department of Development to transfer two parcels located at 767 McAllister Ave. (010-039862) and 00000 McAllister Ave. (010-007346) to from Jack, June, and Lil Properties LLC, for the sum of $14,049.00 plus a $195.00 processing fee. The need exists to amend the buyer’s name from Jack, June, and Lil Properties LLC to G & F QOZB LLC; and
WHEREAS, the buyer has requested to complete the purchase under G & F QOZB LLC rather than Jack, June, and Lil Properties LLC in order to satisfy requirements associated with opportunity zone funding; and
WHEREAS, it is necessary to amend the buyer’s name from Jack, June, and Lil Properties LLC to G & F QOZB LLC; and
WHEREAS, no funding is required for this amendment; and
WHEREAS, an emergency exists in the usual daily operation of the Department of De...
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