(a) That notwithstanding and as an exception to the provisions of Chapters 181 and 183 of the Codified Ordinances of Cleveland, Ohio, 1976, the Commissioner of Purchases and Supplies is authorized to acquire certain properties owned by the Department of Housing and Urban Development (“HUD”) and Fannie Mae, each for a price determined as Fair Market Value, as part of the Land Reutilization Program.
(b) That HUD and Fannie Mae properties with a fair market value of less than twenty thousand dollars ($20,000.00) shall be acquired by the City at a cost of one hundred dollars ($100.00) each; properties with a fair market value higher than twenty thousand dollars ($20,000.00) shall be acquired by the City at fifty percent (50%) below HUD or Fannie Mae-established valuation.
(c) That the Commissioner of Purchases and Supplies, when directed by the Director of Community Development, and with the prior written consent of the member or members of Council in whose ward or ward the property to be sold is located, is authorized to convey these properties or to assign the City of Cleveland’s rights under purchase agreements for these properties with HUD or Fannie Mae to purchasers for the public purpose of rehabilitation and/or redevelopment.
(d) That the Director of Community Development is authorized to enter into and execute project agreements on behalf of the City of Cleveland with purchasers for the redevelopment and/or rehabilitation of said properties.
(e) That the consideration for the properties to be sold shall be established by the Board of Control and shall not be sold for less than Fair Market Value taking into account such terms and conditions, restrictions and covenants as are deemed necessary or appropriate.
(f) That the Director of Community Development is authorized to execute on behalf of the City of Cleveland all necessary documents to acquire and to convey the properties and to employ and pay all fees for title companies, surveys, escrows, appraisers, environmental audits, and all other costs necessary for the acquisition and sale of the properties.
(g) That all costs of acquisition of properties shall be paid from funds appropriated for this purpose.
(h) That the conveyances shall be made by official deeds prepared by the Director of Law and executed by the Mayor on behalf of the City of Cleveland. The deeds shall contain such provisions as may be necessary to protect and benefit the public interest including such restrictive covenants and reversionary interests as may be specified by the Board of Control, the Director of Community Development or the Director of Law.
(Ord. No. 52-09. Passed 2-2-09, eff. 2-5-09)