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Authorize the Town Manager to Execute a Development Contract with the Taft-Mills Group for the Development of the Tanyard Branch Trace affordable housing community.
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Staff:
Department:
Sarah Vinas, Director
Affordable Housing & Community Connections
Emily Holt, Affordable Housing Manager
Overview: The proposed development contract is an agreement between the Town and the Taft-Mills Group (TMG) for the Tanyard Branch Trace development on Town-owned land at 110 Jay Street. The agreement establishes the major terms and conditions between TMG and the Town for carrying out the development of the Tanyard Branch Trace affordable housing community.
Recommendation(s):
That the Council authorize the Town Manager to execute a development contract with the Taft-Mills Group to establish the major terms and conditions for carrying out the development of the Town-owned parcel at 110 Jay Street.
Background: The Town and its outside legal counsel at Stuart Law Firm have worked with TMG to draft a development contract that establishes the major terms and conditions between TMG and the Town in carrying out the development of the Tanyard Branch Trace affordable housing community.
The Town Council has consistently reviewed and authorized elements of the project leading to consideration of this agreement.
* In June 2018 Council prioritized the Town-owned Jay Street parcel as an affordable housing site and authorized the Town to pursue development there.
* In March 2021, the Town executed a Memorandum of Understanding with TMG to begin negotiating an agreement to develop the Jay Street site.
* In June 2021, the Council provided feedback on the concept plan for Jay Street.
* In January 2022, the Council authorized the execution of an Option to Ground Lease Agreement with TMG, conditioned on securing all financing, including Low-Income Housing Tax Credit project (LIHTC), and required permits.
* In April 2022, the Council approved a conditional rezoning of the...
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