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