Explanation
BACKGROUND: The City’s Land Bank program seeks to acquire a parcel located near its current holdings on Mound Street to consolidate into a larger tract of land for an affordable housing project. The acquisition will support its ongoing efforts to make property available for affordable housing partners to develop Low Income Housing Tax Credit (LIHTC), Land Trusts, and other affordable housing. This legislation will authorize the Director of the Department of Development to execute any and all documents that are necessary to acquire property, as approved by the City Attorney’s Office, and spend an amount not to exceed $20,000.00. Expenditures will include purchasing real property and paying for costs associated with conducting the City’s due diligence, including title review and professional services.
FISCAL IMPACT: Funding is available within Fund 7739, Development Taxable Bonds.
EMERGENCY JUSTIFICATION: Emergency action is requested so the City can enter into a real estate contract and perform due diligence activities within the purchase period.
Title
To authorize the Director of the Department of Development, or his designee, to acquire property for the City’s Land Reutilization Program; to execute any and all documents, as approved by the City Attorney, necessary for conveyance of title and related services; to authorize an amendment of the 2022 Capital Improvement Budget; to authorize an expenditure not to exceed $20,000.00 from the Development Taxable Bonds Fund; and to declare an emergency. ($20,000.00)
Body
WHEREAS, in Ordinance 1325-98, City Council adopted and elected to use the Ohio Revised Code Chapter 5722, Land Reutilization Program, to facilitate effective reutilization of nonproductive land in the City 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 foreclosu...
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