Title
Transfer of Property on LaSalle Street
Action
Action:
A. Adopt a Resolution authorizing the transfer of common area located on or near LaSalle Street ("Vantage Pointe"), and being known as parcel identification number 075-037-41, to Vantage Pointe Townhome Association, Inc. in support of the development of twelve (12) affordable for-sale units located along the Beatties Ford Road Corridor; and
B. Authorize the City Manager, or his designee, to negotiate and execute all necessary documents to complete the transaction in conformity herewith.
Body
Staff Resource(s):
Shawn Heath, City Manager's Office
Rebecca Hefner, Housing and Neighborhood Services
Explanation
* On March 22, 2021, City Council authorized the sale of 12 lots on or near LaSalle Street in Council District 2, together with the common area interest in the development's Common Area Parcel (parcel identification number 075-037-41) allocated to and running with the lots, to CMHP Vantage Pointe, LLC (now DKP Vantage Pointe, LLC, an affiliate of DreamKey Partners, the Developer).
* The 12 lots were authorized to be conveyed subject to a restriction that requires the development of 12 for-sale residential affordable units to be sold to low- and moderate-income buyers eligible to participate in the HouseCharlotte down payment assistance program with a 20-year affordability period to ensure long-term affordability of the units. On August 11, 2021, Northwest Corridor Community Development Corporation (a previous owner of the property) recorded a deed to transfer the Common Area Parcel to the City, believing it would help clear title to the parcel. No monetary consideration was given or received, and to the extent that the City holds any valid title or interest in and to the Common Area Parcel as a result of the transfer, the City's interest is considered unmarketable.
* The Developer desires for the City to approve conveyance of the Common Area Parcel to the Vantage Pointe Townhome Association, I...
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