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TO AUTHORIZE THE MAYOR TO ENTER INTO AGREEMENT WITH MR. YATES FOR PURCHASE OF PROPERTY LOCATED AT 109 MILL STREET, CONSISTING OF 1.575 ACRES; AND TO DECLARE AN EMERGENCY.
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WHEREAS, in keeping with the Olde Gahanna development plan for the downtown revitalization program, it is desirable to purchase a certain parcel at 109 Mill Street; and
WHEREAS, the City Attorney has opined that the purchase of the Yates property meets requirements that purchases be for a valid public purpose; and
WHEREAS, it is critical to the implementation plan for this area that the City have control of this parcel and the development thereof; and
WHEREAS, an agreement has been negotiated by the Director of Development whereby this purchase may be accomplished without undue financial strain on the investment planning of the Director of Finance; and
WHEREAS, this Council agrees to such funding for the reasons set forth in this preamble, and desires to authorize this purchase at an early date, all for the orderly revitalization of the downtown area of Gahanna, and for the preservation of the public peace, health, safety, and welfare;
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF GAHANNA, STATE OF OHIO:
Section 1. That the Mayor is hereby authorized and directed to enter into Agreement to purchase 1.575 acres known as 109 Mill Street from Mr. Yates for the price of $1,500,000.
Section 2. That funding is hereby supplementally appropriated from the unappropriated, unencumbered balance in The General Fund in the amount of TWO HUNDRED THOUSAND DOLLARS ($200,000) to Account No. 101.343.5511, Development, Capital, as down payment on this purchase.
Section 3. That the amount of THIRTY-THREE THOUSAND SEVEN HUNDRED FIFTY DOLLARS ($33,750) is hereby supplementally appropriated to Special Debit Account No. 101.343.5510, Development Debt, for monthly payments of $6,750 each through December 31, 1998. These monthly payments include principal and interest.
Section 4. That additional funding shall be set aside in subsequent yearly appropriations in the amount of EIGHTY-ONE THOUSAND DOLLARS ($81,000) per year for 5+ years with the balance becoming payable in full, for a total purchase price of ONE MILLION FIVE HUNDRED THOUSAND DOLLARS ($1,500,000).
Section 5. That Ordinance No. 980001, passed January 2, 1998, is hereby amended to reflect these supplementals and funding commitments.
Section 6. That, for the reason set forth in the preamble herein above, this ordinance is declared emergency legislation, and shall be in full force and effect immediately upon passage by this Council and approval by the Mayor.