Title
Sale of City-owned Property on Belmont Avenue and Harrill Street
Action
Action:
A. Adopt a resolution approving the private sale of two City-owned parcels located at 919/923 Belmont Avenue and 1025/1035 Harrill Street (parcel identification numbers 081-129-02 and 081-124-10) to MPV II, LLC, for $440,300,
B. Authorize the City Manager to negotiate and execute all documents necessary to complete the sale of property, and
C. Adopt a budget ordinance appropriating the proceeds to the Affordable Housing Program.
Body
Staff Resource(s):
Mike Davis, Engineering and Property Management
Pat Mumford, Economic Development
Tony Korolos, Engineering and Property Management
Todd DeLong, Economic Development
Explanation
* MPV II, LLC, has proposed to purchase and redevelop two City-owned parcels in the Belmont Neighborhood; 1025 and 1035 Harrill Street (parcel identification number 081-124-10), is 0.52 acres and contains a residential duplex and former convenience store, and 919 and 923 Belmont Avenue (parcel identification number 081-129-02), is 0.32 acres and contains a single-family residence and former automotive garage.
* The two properties were purchased in 2014, with plans to demolish the structures and dispose of the properties to further the City's housing diversity goals.
* Based on market conditions and feedback from the Belmont community, City Council approved a solicitation process on June 27, 2016, authorizing staff to seek proposals from developers interested in preserving and repurposing the commercial structures for more vibrant economic uses instead of the original housing plan.
* The solicitation was released on March 8, 2017, with proposals due on April 21, 2017. Four proposals were received, and the proposed redevelopment by MPV II, LLC, was the most consistent with the objectives of the Belmont Area Revitalization Plan, adopted by City Council in 2003.
* The proposal by MPV II, LLC, includes plans to demolish the residential structur...
Click here for full text