Title
Sale of City-Owned Property on Johnnette Drive for Affordable Housing
Action
Action:
A. Adopt a resolution approving the sale of 0.619 acres of city-owned property at 6048 Johnnette Drive (parcel identification number 103-221-16) to TDC Farm Pond, LLC for $14,250, and
B. Authorize the City Manager, or his designee, to negotiate and execute all documents necessary to 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
* The city owns an approximately 0.619-acre property at 6048 Johnnette Drive (Property) in Council District 5.
* The Property was acquired by the city in 2012 and has been identified as suitable for affordable housing.
* TDC Farm Pond, LLC (Buyer), a North Carolina limited liability company and affiliate of The Drakeford Company, desires to obtain the Property to combine it with adjacent contiguous parcels consisting of approximately 19 acres to develop a residential project currently known as the Harvest Hill Drive Subdivision (Development).
* At the Buyer's request, City Council approved rezoning (RZP-2024-072) of the Development, including the Property, to N1-D(CD) on March 17, 2025; a community meeting about the Development was held as part of the rezoning process.
* An appraisal of the Property on July 6, 2023, established a fair market value of $28,500.
* Staff supports the sale of the Property for affordable housing subject to certain terms and conditions:
Affordable Housing Terms
* The Development will provide two for-sale affordable housing units for households earning at or below 80 percent of the area median income at prices not to exceed the then-applicable House Charlotte sales price limit (Affordable Units);
* The Affordable Units shall have an affordability period of 15 years;
* The Affordable Units must be among the first 55 units built within the overall Development; and
* The Afforda...
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