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Authorize the Town Manager to Execute a Ground Lease with the Tanyard Branch Trace, LLC Group for the Town-owned parcel at 110 Jay Street.
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Staff:
Department:
Sarah Vinas, Director
Affordable Housing & Community Connections
Emily Holt, Affordable Housing Manager
Overview: The ground lease between the Town and the Tanyard Branch Trace, LLC, allows Tanyard Branch Trace, LLC to develop, own and manage the Tanyard Branch Trace apartment community on Town-owned land located at 110 Jay Street for 99 years. The Tanyard Branch Trace, LLC is an affiliate of the Town's development partner the Taft-Mills Group and will be the tenant on the lease. As part of the lease, Tanyard Branch Trace, LLC will pay the Town $1 per year in rent (payable in one lump sum at the time of the Ground Lease execution).
Recommendation(s):
That the Council authorize the Town Manager to execute a 99-year ground lease with the Tanyard Branch Trace, LLC for the Town-owned parcel at 110 Jay Street.
Background:
The Town and its outside legal counsel at Stuart Law Firm have worked with the Taft-Mills Group to draft a ground lease that establishes the major terms and conditions related to the lease of Town land for the development and management 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 the Taft-Mills Groups 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 the Taft-Mills Group, conditioned on securing all financing, including...
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