Title
Actions Related to City-Owned Property for the Evoke Living at Ballantyne Multi-Family Affordable Housing Development
Action
Action:
A. Adopt a resolution approving an option to ground lease city-owned property located on Providence Road West and Ballancroft Parkway (parcel identification numbers 223-132-40 and a portion of 223-132-39) with Truist Bank subject to certain terms and conditions,
B. Adopt a resolution approving the release of a 0.617-acre portion of 15024 Ballancroft Parkway (parcel identification number 223-132-39) from the collateral for the Certificates of Participation issued in October 2021, and
C. Authorize the City Manager or his designee to negotiate and execute all documents necessary to complete the above actions.
Body
Staff Resource(s):
Rebecca Hefner, Housing and Neighborhood Services
Phil Reiger, General Services
Teresa Smith, Finance
Matthew Hastedt, Finance
Explanation
* On June 12, 2023, City Council approved a long-term ground lease transaction to support the Evoke Living at Ballantyne multi-family affordable housing development, and granted CSE Communities, LLC (Crosland) an option to ground lease (Option) approximately 3.37 acres of city-owned property at Providence Road West and Ballancroft Parkway (parcel identification number 223-132-40 and a portion of 223-132-39) (Property) adjacent to the CMPD South Division police station in Council District 7 upon certain terms and conditions, including affordability restrictions.
* The ground lease transaction with Crosland, including the option to ground lease, is still in effect, and the affordable housing project approved by City Council remains unchanged.
* As Crosland has moved forward with finalizing its financing, two items have arisen that require further Council consideration:
* Action A
* Crosland's primary lender, Truist Bank (Lender), in an abundance of caution and as part of their underwriting protocol, requires an Option to Ground Lease the Property (Lender O...
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