Title
TO AUTHORIZE THE MAYOR TO ENTER INTO LEASE-PURCHASE AGREEMENT WITH GAHANNA COMMUNITY IMPROVEMENT CORPORATION FOR PURCHASE OF PROPERTY AT 181 GRANVILLE STREET; AND TO DECLARE AN EMERGENCY.
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WHEREAS, the City of Gahanna has been interested in purchasing 181 Granville for some time for the future extension of Shull Avenue to connect with Friendship Park; and
WHEREAS, the City now has the opportunity to purchase 181 Granville for $730,000 over a five year period and can use monies from the West Gahanna TIF; and
WHEREAS, there are additional expenses associated with the lease- purchase agreement for the appraisal totalling approximately $8,500; and
WHEREAS, it is imperative to move forward with this purchase so that the City can obtain this property for the future extension of Shull Avenue and all for the preservation of the public peace, property, 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 enter into Lease-Purchase Agreement with GAHANNA COMMUNITY IMPROVEMENT CORPORATION, for the purchase of 181 Granville Street; Lease-Purchase Agreement attached as EXHIBIT A, and made a part herein.
Section 2. That the purchase sum of $730,000 will be paid out over five years at $146,000 a year.
Section 3. That funding in the amount of ONE HUNDRED FORTY SIX THOUSAND DOLLARS ($146,000) was set aside in the 2011 Appropriations in Account No. 224.343.5833, West Gahanna TIF Capital Projects/Improvements, to cover the herein costs for this year and sufficient funds will be appropriated in future years to meet the costs of this agreement.
Section 4. That funding in the amount of EIGHT THOUSAND FIVE HUNDRED DOLLARS ($8,500) was set aside in the 2011 Appropriations in Account No. 224.343.5833, West Gahanna TIF Capital Projects/Improvements, to cover the appraisal expenses.
Section 5. That, for the reasons ...
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