Title
Sale of City-owned Property on Parkwood Avenue
Action
Action:
Adopt a resolution approving the private sale of 1621 and 1623 Parkwood Avenue (parcel identification numbers 083-137-12 and 083-137-13) consisting of 0.259 acres of vacant land to Vista Homes II, LLC for the development of up to five townhome units which will include an affordable unit.
Body
Staff Resource(s):
Mike Davis, Engineering and Property Management
Tony Korolos, Engineering and Property Management
Pamela Wideman, Housing and Neighborhood Services
Explanation
* One of City Council's priorities is to build and preserve vibrant and diverse neighborhoods by expanding the supply of affordable housing through new construction and preservation of the existing housing stock.
* In January 2016, City Council established a goal of creating 5,000 affordable housing units within a five-year period.
* On October 10, 2016, City Council accelerated the goal of creating 5,000 affordable housing units from five years to three years.
* The sale of the city properties at Parkwood Avenue for use as affordable housing furthers this goal.
* The use of publicly-owned land is one of the tools proven to assist communities across the country in the creation of affordable housing.
* The city-owned property contains 0.259 acres of vacant land currently zoned B-1 (neighborhood business) permitting residential uses in Council District 1.
* An appraisal of the property on April 9, 2018, established a fair market value of $209,300.
* Vista Homes II, LLC, a Charlotte-based developer, desires to purchase the city-owned parcels for the development of a mixed price point housing community with an affordable HouseCharlotte qualified unit.
* The proposed housing unit will target households earning at or below 80 percent of the area median income with a long-term affordability deed restriction placed on the affordable unit.
* The maximum purchase price for the new construction unit is $224,000.
* The HouseCharlo...
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