Title
A RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER INTO A PURCHASE AGREEMENT WITH SUMMIT COUNTY LAND REUTILIZATION CORPORATION (THE “LAND BANK”), AN OHIO NONPROFIT COMMUNITY IMPROVEMENT CORPORATION, FOR THE PURCHASE OF VACANT LAND THROUGH ITS VACANT LAND TRANSFER PROGRAM; AND DECLARING AN EMERGENCY.
Executive Summary: Summit County Land Bank offers a Side Lot and Vacant Land Transfer Program. The intent of the program is to reclaim, rehabilitate and reutilize vacant, abandoned, tax-foreclosed, or other real property in Summit County.
Body
Legislative History
None.
Purpose & Explanation
In February 2017, the City submitted an application to purchase three parcels through the Summit County Land Bank’s Side Lot & Vacant Land Transfer Program. The City’s application was subsequently approved. The following three properties are included in the agreement:
Parcel 3203767 - VL W. Executive Parkway, Hudson, Ohio 44236
Purchase Price = $70,800.00
Intended End Use: Resale and/or Wetlands and Preservation
Parcel 3006268 - VL Valley View Road, Hudson, Ohio 44236
Purchase Price = $400.00
Intended End Use: Storm Water Retention Facility
Parcel 3001375 - VL Post Lane, Hudson, Ohio 44236
Purchase Price = $400.00
Intended End Use: Storm Water Retention Facility
The City intends to use the properties on Valley View Road and Post Lane for a storm water retention project. The third property, on W. Executive Parkway, is approximately 45 acres that the City could resell for private development with a portion designated as wetlands/preservation.
The total cost is estimated at $83,600.00, which includes a 10% contingency amount to cover any unpredicted charges and transactional costs, if any.
Timing Considerations
Upon Council approval, the agreement will be executed. The acquisition process can take up to 12 months, or longer, and there is no guarantee the Summit County Land Bank will successfully acquire the property through the foreclosure process.
Fiscal Impact
Currently Budgeted
X Supplemental Appropriation Required (2nd quarter appropriation)
Appropriation Not Required.
Recommendation
Suggested Action
Staff recommends that Council authorize the execution of the agreement with Summit County Land Reutilization Corporation. We are requesting an emergency clause be added to quickly initiate the cumbersome and lengthy land acquisition process by the Land Bank and to enhance the probability of obtaining the properties.
Submitted by:
Jane Howington, City Manager
Jeff Knoblauch, Finance Director
Matt Vazzana, Assistant City Solicitor