Label
LBSale37Vance/I.B.C.
DNBD / Real Estate
WJ Burkett (x1692)
(Revised)
Title
Authorizing the mayor to execute and deliver a Real Estate Purchase Agreement and other needed instruments to effectuate the sale and conveyance of certain City-owned real property located at 37 Vance Street to I.B.C., Inc.; authorizing the deposit of the net sale proceeds; waiving the competitive bidding provisions of T.M.C. 187; and declaring an emergency.
Body
Pursuant to Toledo Municipal Code Section 187.19(a), City Council by passage of an Ordinance can authorize the sale of city owned land no longer needed for municipal purposes. The real property located at 37 Vance Street has been determined to no longer be required to serve a municipal purpose and, therefore, can be disposed of. The adjacent property owner I.B.C., Inc., 630 S 11th Street, Toledo, Ohio 43602, wishes to acquire this property.
The negotiated sale price for the property is $150.00, plus recording and transfer fees. This Ordinance waives competitive bidding requirements of the TMC and authorizes the sale of this property to the aforementioned entities.
Summary
NOW, THEREFORE, Be it ordained by the Council of the City of Toledo:
SECTION 1. That the mayor and the real estate division of the Department of Neighborhoods and Business Development are authorized to enter into real estate purchase agreement ("Agreement") with I.B.C., Inc. for the sale and conveyance of the parcel located at 37 Vance Street, as outlined on the attached Exhibit A, for the negotiated sales price of One Hundred Fifty Dollars ($150).
SECTION 2. That the Agreement and needed instruments shall contain other terms and conditions deemed necessary and proper by the mayor, the Department of Law and the Department of Neighborhoods and Business Development.
SECTION 3. That this Council approves the Agreement, including the sale and conveyance of said real estate provided for therein, notwithstanding and as an exception t...
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