Title
AN ORDINANCE AMENDING ORDINANCE NO. 17-184 MAKING APPROPRIATIONS FOR THE CURRENT EXPENSES AND OTHER EXPENDITURES OF THE CITY OF HUDSON DURING THE FISCAL YEAR ENDING DECEMBER 31, 2018, BY MAKING ADDITIONAL AND/OR AMENDED APPROPRIATIONS.
Executive Summary: This Ordinance amends the City's budget for 2018 to appropriate funds for the purchase of properties through the Summit County Land Bank.
Body
Legislative History
Resolution 17-88 authorized the City Manager to enter into a purchase agreement with the Land Bank to purchase three (3) vacant parcels located in the City of Hudson for a total amount not to exceed $83,600.
Purpose & Explanation
The purpose of this legislation is to appropriate the funds necessary to acquire the three parcels. There are two parcels near the turnpike at Valley View Rd. and Post Ln. that we intend to use for a storm water retention project. The third parcel is located at Executive Parkway West that we could resell for private development.
Executive Parkway West $70,800 44.97 acres
Storm Water parcel -Valley View $5,280 2.84 acres
Storm Water parcel - Post Lane $400 .15 acres
Total $76,480
We anticipated purchasing the parcels in 2017, however, the transfers were delayed until 2018. We have been invoiced for 2 of the 3 parcels and expect the third parcel invoice by the end of March 2018. We are waiting on the Valley View invoice.
The intent of the Land Bank program is to reclaim, rehabilitate and reutilize vacant, abandoned, tax-foreclosed, or other real property in Summit County. The three properties are all approximately 10 years delinquent in property taxes and if we were to acquire the parcels, the delinquent taxes would be abated. There is no obligation for the City nor a buyer to repay the abated property taxes if we re-sell the property.
Attached to this memo are maps showing the parcel locations. There is a separate attachment with the Executive Parkway map that shows a br...
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