Title
Johnnette Drive Affordable Housing Contract Amendment
Action
Action:
A. Adopt an amended resolution approving the modified terms for the sale of city-owned property at 6048 Johnnette Drive (parcel identification number 103-221-16) to TDC Farm Pond, LLC, and
B. Authorize the City Manager, or his designee, to negotiate and execute all documents necessary to amend and complete the sale of the property.
Body
Staff Resource(s):
Rebecca Hefner, Housing and Neighborhood Services
Phil Reiger, General Services
Gregory Crawford, General Services
Explanation
* In October, 2025, City Council approved the sale of an approximately 0.619-acre property at 6048 Johnnette Drive (Property) in Council District 5 to TDC Farm Pond, LLC (Developer), a North Carolina limited liability company and affiliate of The Drakeford Company.
* The Developer intends to combine the Property with adjacent contiguous parcels consisting of approximately 19 acres to develop a residential project currently known as the Harvest Hill Drive Subdivision (Development).
* The city is under contract to sell the Property to the Developer for the development of two for-sale affordable housing units within the Development, subject to certain terms and conditions including requiring the affordable units to be complete and available for occupancy by no later than September 30, 2027.
* Due to delays in the Development schedule, the Developer has requested a contract amendment to provide a three-year period from the date of the deed conveying the property for completion of the affordable units (Development Period). This request is consistent with other development periods granted by the city.
* All other previously agreed upon terms and conditions remain unchanged, and include:
* Number of Units: the Development will provide two for-sale affordable housing units (Affordable Units).
* Area Media Income: 80 percent or below the area median income (AMI), with Affordable Unit sales prices not to exceed the...
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