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File #: 15-16396    Version: 1 Name:
Type: Business Item Status: Agenda Ready
File created: 9/8/2021 In control: City Council Business Meeting
On agenda: 10/11/2021 Final action: 10/11/2021
Title: Sale of City-Owned Properties on Isenhour Street
Attachments: 1. Map_Isenhour Street, 2. Resolution to Sale

Title

Sale of City-Owned Properties on Isenhour Street

 

Action

Action:

A.                     Adopt a resolution approving the sale of three vacant City-owned properties located at 3221 Isenhour Street, 1005 Patch Avenue, and Wainwright Avenue (Parcel Identification Numbers 077-192-12, 077-192-13, and 077-192-21) to JCB Urban Company for $90,000; and

 

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

 

Body

Staff Resource(s):

Phil Reiger, General Services

Tony Korolos, General Services

Pamela Wideman, Housing and Neighborhood Services

 

Explanation

§                     On August 27, 2018, City Council adopted the 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.

§                     These City-owned properties along Isenhour Street, Patch Avenue, and Wainwright Avenue, contain approximately 0.3837 acres combined, are zoned R-8 (residential), and located in Council District 1.

§                     JCB Urban Company, a private builder, proposes to purchase the properties to construct four for-sale affordable townhome units. JCB Urban Company agrees that all of the units will be sold to House Charlotte eligible households earning 80 percent or below the Area Median Income.

§                     The affordable units will have a 15-year affordability deed restriction and shall be developed within three years from the date of deed conveyance.

§                     If JCB Urban Company fails to develop within said time period, the properties shall be conveyed back to the City upon its request.

§                     The Planning Commission reviewed the property for surplus sale on April 20, 2021, and recommended the sale with no comments.

§                     The properties were appraised on August 20, 2021, at $86,000. 

§                     The offer from JCB Urban Company includes the following terms:

-                     Purchase price of $90,000,

-                     Due diligence period of 90 days, and

-                     Closing to occur within 60 days after the expiration of the due diligence period.

§                     This transaction is consistent with the Council-adopted City-Owned Real Estate and Facilities Policy and Guidelines for Evaluation and Disposition of City-Owned Land for Affordable Housing.

 

Fiscal Note

Funding: Proceeds from the sale will be deposited into the General Capital Investment Plan.

 

Attachments

Attachment(s)

Map

Resolution