Label
DEBD LB Sale 131 18th Street/MBKG Properties LLC
Development/Real Estate
WJ Burkett (x1692) cw
(Revised)
Title
Authorizing the mayor to enter, execute and deliver a real estate purchase agreement and other needed instruments for the sale and conveyance of 131 18th Street to MBKG Properties, LLC.; authorizing the deposit of net sale proceeds; making certain findings with respect thereto; waiving the notice and bidding provisions of T.M.C. 187.19; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
The City operates a Land Reutilization Program pursuant to Section 187.19(a) of the Toledo Municipal Code which authorizes the City to accept nonproductive land and dispose of same pursuant to Chapter 5722 of the Ohio Revised Code. The Department of Economic & Business Development oversees the review and processing of the program. MBKG Properties, LLC, who currently owns multiple vacant parcels in the surrounding area on 18th, 19th and Monroe Street, has approached the City of Toledo with the desire to acquire the vacant landbank parcel located at 131 18th Street. MBKG Properties, LLC is the adjacent land owners of 127 18th Street and intends to utilize the newly acquired lot as property expansion and green space and available land for future development in the neighborhood. Negotiated sale price for this property is One Thousand Dollars ($1,000) plus recording fees.
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 Development are authorized to execute needed instruments for the sale and conveyance of the real estate located at 131 18th Street as is more fully described in Exhibit "A" and attached hereto and made a part hereof, to MBKG Properties LLC for One Thousand Dollars ($1,000).
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 ...
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