Title
Amend Restrictive Covenants for Property on Matheson Avenue
Action
Action:
A. Approve an amendment to the restrictive covenants of property located at 1138 Matheson Avenue to extend the timeframe for completion of an affordable for-sale single-family home through June 30, 2025, with an option to further extend up to 180 additional days, as needed, to be available for purchase at a sales price not to exceed the HouseCharlotte program maximum sales price for new construction, and
B. Authorize the City Manager, or his designee, to execute all documents necessary to amend the restrictive covenants.
Body
Staff Resource(s):
Rebecca Hefner, Housing and Neighborhood Services
Phil Reiger, General Services
Greg Crawford, General Services
Explanation
* On October 8, 2018, City Council authorized the fee simple transfer of property located on Matheson Avenue (original parcel identification number 083-156-16) in Council District 1, to Four Oaks Builders, LLC (Builder), for the development of up to three for-sale single-family homes, including one available to a HouseCharlotte-eligible household earning 80 percent or below the area median income.
* The city conveyed the property to the Builder on January 10, 2019. The conveyance transaction included reservations and restrictions, including a three-year term for the Builder to have the improvements constructed and ready for sale.
* Following the conveyance, the Builder subdivided the property, resulting in a new parcel (parcel identification number 083-156-42) consisting of approximately 0.16 acres to be used for development of the affordable for-sale unit.
* On April 11, 2022, City Council authorized an extension to the original reversion period for an additional three years, through January 10, 2025, due to COVID-19 related supply chain constraints and market pressures as well as unique site characteristics which added time and cost to extend water and sewer to the site.
* Staff has remained in close contact...
Click here for full text