Title
A RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER INTO A PURCHASE AND SALE AGREEMENT WITH FLEETHQ PARTNERS, LLC FOR THE SALE OF THE REAL PROPERTY LOCATED AT WEST EXECUTIVE PARKWAY (PARCEL NUMBER: 32-03767) IN THE CITY OF HUDSON, OHIO; AND DECLARING AN EMERGENCY.
Brief Description: This resolution authorizes the sale of approximately 45 acres of land located at Executive Parkway and Boston Mills Road that was purchased by the City through the Summit County Land Bank. The City purchased the land in 2018 for $70,800 and is selling it for $1,100,000.
Body
Legislative History
Resolution No. 17-88, authorizing a Purchase Agreement with Summit County Land Bank; passed May 23, 2017.
Resolution No. 20-8, authorizing a Purchase Agreement with Premier Commercial Realty, LLC, for the Sale of subject property; passed January 21, 2020. Premier later withdrew, and the City moved forward with plans for sale of the subject property directly to Fleet HQ Partners, LLC, instead of Premier, a third party.
Purpose & Explanation
In May 2017, City Council authorized the purchase of three parcels through the Summit County Land Bank as part of the Land Bank's vacant land transfer program. The program was designed to facilitate the reutilization of vacant property in the County to help promote economic development and/or return the property to productive use.
The City acquired two smaller parcels (total approx. 3 acres) that are going to be used to construct a storm water management pond near Valley View Road and Post Lane next to the turnpike. The third parcel (approx. 45 acre) was acquired by the City with the intent to sell it to a developer as part of our economic development efforts. The parcel is located at Executive Parkway and Boston Mills Road in a commercially zoned area.
All the parcels were approximately 10 years in arrears on property taxes. All delinquency and title issues with the properties were resolved by the Land Bank and the City took title in April 20...
Click here for full text