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File #: 15-14588    Version: 1 Name:
Type: Business Item Status: Agenda Ready
File created: 11/6/2020 In control: City Council Business Meeting
On agenda: 12/14/2020 Final action:
Title: Sale of City-Owned Property on Teeter Drive
Attachments: 1. Map_Sale of City-owned Property on Teeter Drive.pdf, 2. Resolution to Sale
Sale of City-Owned Property on Teeter Drive

A. Adopt a resolution approving the sale of 1.178 acres of city-owned property on Teeter Drive (parcel identification number 111-065-95) to Broadstreet Homes Inc. for $39,000, and

B. Authorize the City Manager to negotiate and execute all documents necessary to complete the sale of the property.

Staff Resource(s):
Phil Reiger, General Services
Angela Charles, Charlotte Water
Pamela Wideman, Housing and Neighborhood Services

* Broadstreet Homes Inc., a private builder, proposes to purchase approximately 1.178 acres of city-owned property along Teeter Drive in Council District 4 to construct a single-family residential home.
* The single-family residential home will be sold to a House Charlotte-eligible household with a long-term 15-year affordability deed restriction. Broadstreet Homes Inc. agrees that the affordable unit shall be developed within three years of the date of the deed conveying the property to the buyers.
* This parcel is zoned R-4 (residential) and is no longer needed by the city. The parcel was part of the 2009 Annexation - Hood Road South Area Project.
* The Planning Commission reviewed the property for surplus sale in June 2020 and supported the sale of the vacant lot with no additional comments.
* The property was appraised March 4, 2020, for $39,000.
* The offer from Broadstreet Homes Inc., includes the following terms:
* Price of $39,000,
* Due diligence period of 180 days, and
* Closing to occur within 30 days after the expiration of the due diligence period.
* This action is consistent with City Council's adopted Housing Charlotte Framework, which recommends leveraging city-owned land and expanding the supply of high-quality affordable housing by building new affordable housing and preserving existing affordable housing.
* This transaction is also consistent with the City Council's adopted City-Owned Real Estate and Facilities Policy and Guidelines fo...

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