MANSFIELD — It’s been decades since specific pockets of Mansfield’s North End have experienced a new housing development.
That may change with the construction of new rental housing units on 63 scattered sites throughout the city.
The Richland County Land Bank board took the next step in that process during a special meeting on Friday.
The board approved a letter of intent, affirming its plan to enter into a contingent purchase agreement with Columbus-based affordable housing developer Woda Cooper Companies.
Woda Cooper hopes to acquire the 63 parcels to build a combination of triplexes, duplexes and single-family homes, land bank executive director Amy Hamrick said. At least 51 percent of them will be single-family homes.
Jonathan McKay, Woda Cooper’s vice president of development, made his pitch during a land bank board meeting last week.
He said the company hopes to build up to 70 new affordable-housing units, each with three bedrooms and two baths.
Rents would range from $875 to $1,050 and rentals would be restricted to residents earning between 50 and 70 percent of the area’s median income, according to the company’s proposal.
Vero vasts ‘no’ vote, says process was rushed
The land bank is still finalizing a purchase agreement with Woda Cooper Companies, but approved the letter of intent Friday so the developer could submit an application for a tax credit and additional funds from the Ohio Housing Finance Agency.
Applications for the next round of OHFA tax credits are due Monday, McKay said.
McKay told land bank board members a commitment to transfer the properties will strengthen its bid for funds. However, a letter of intent was sufficient for the first round of the application process.
Hamrick said the board will likely approve a tentative sales agreement with Woda Cooper at its next board meeting in July.
McKay and land bank board members agreed to a sale price of $3,500 apiece, with a non-refundable deposit of $17,640.
Land bank board members Jodie Perry, Jotika Shetty, Jeff Parton and Tom Craft voted to approve the letter of intent.
Tony Vero cast the lone dissenting vote. He called the process “rushed” and said it didn’t leave time for proper vetting.
“I understand the deadlines are what they are,” Vero said during the meeting. “You know me, I like to have most, if not all of the facts at my disposal before I make a decision.”
Vero said after the meeting he didn’t feel comfortable approving a letter of intent when terms of the purchase agreement were still being finalized.
“Both sides had yet to even come to terms on a purchase agreement detailing 60-plus parcels, most of which haven’t even been acquired by the Land Bank,” Vero said.
“Documents were going back and forth as early as today without agreement on material terms, nor a thorough discussion on a strategy surrounding a large quantity of parcels.”
Where does Woda Cooper want to build?
Hamrick said ownership of about 40 parcels must be transferred to the land bank before they can be sold to Woda Cooper.
All the lots slated for the project are vacant, Hamrick said. The ones not owned by the land bank are all tax delinquent and have been forfeited to the state.
Hamrick estimated it would cost around $100 per parcel to transfer them to the land bank due to transfer and recording fees — and fees from the auditor’s office.
The list of land bank-owned lots Woda Cooper is interested in purchasing includes several parcels on Benton Street, Boughton Avenue, Bowman Street, Cedar Street, Clairmont Avenue, Crystal Springs Street, West Fifth Street, East First Street, Weldon Avenue, Willis Avenue and Wood Street.
Perry said Woda Cooper’s proposal is unique from others the city and land bank have heard because it focuses on infill housing, rather than a large housing complex.
“It provides some diversity on the housing side and helps us fill in areas where we had to take down houses due to blight,” she said.
