Version
S U B S T I T U T E L E G I S L A T I O N
Title
TO AUTHORIZE THE PURCHASE OF 98 NORTH HIGH STREET FROM KRANER INVESTMENT COMPANY AND TO AUTHORIZE THE SALE OF LAND KNOWN AS 810 EAST JOHNSTOWN ROAD; TO SUPPLEMENTALLY APPROPRIATE $37,500 THEREFOR; AND TO DECLARE AN EMERGENCY.
Body
WHEREAS, for several months, negotiations have been reviewed for an exchange of property known as 810 East Johnstown Road and 98 North High Street; and
WHEREAS, 98 North High Street was appraised effective 3/19/99 with a market value of $125,000, and the City-owned property at 810 East Johnstown Road was appraised effective 3/11/99 with a market value of $72,500; and
WHEREAS, it is necessary and appropriate to supplementally appropriate funding for the difference in the appraisal market values of the two properties; and
WHEREAS, as in the case of all real estate matters, time is of the essence, and it has been determined that the City must proceed immediately to effect this exchange for the orderly growth and development of the Olde Gahanna area, 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 to purchase property known as 98 North High Street from Kraner Investment Company, said Purchase Agreement attached to this ordinance as EXHIBIT A.
Section 2. That the Mayor is hereby authorized to exchange this land purchase with an exchange of land known as 810 East Johnstown Road, said Agreement attached to this ordinance as EXHIBIT B.
Section 3. That in order to equal out the difference in the appraisals of market value between these two properties, the amount of THIRTY-SEVEN FIVE HUNDRED DOLLARS ($37,500) is hereby supplementally appropriated from the unencumbered, unappropriated balance in THE GENERAL FUND to ACCOUNT NO. 101.343.5511, CAPITAL PROJECTS, DEVELOPMENT, to finalize the herein costs.
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