title
Authorize the Town Manager to Execute Option to Ground Lease Agreements with the Vertical Developers of the Homestead Gardens Mixed Income Affordable Housing Development Project.
body
Staff:
Department:
Sarah Osmer Vi?as, Director
Affordable Housing and Community Connections
Nate Broman-Fulks, Assistant Director
Emily Holt, Affordable Housing Development Officer
Overview: These agreements authorize the Town to give the vertical developers of the Homestead Gardens project - CASA, Habitat for Humanity, and Community Home Trust - the sole and exclusive option to lease Town land at 2200 Homestead Road for the construction and operation of affordable housing.
Recommendation(s):
That the Council authorize the Town Manager to enter into option to ground lease agreements with the vertical developers of the Homestead Gardens mixed income affordable housing development project.
Background: Homestead Gardens is a Town Council approved mixed income affordable housing community on Town-owned land. The Town is working with the Homestead Housing Collaborative, a group of four local affordable housing partners, to plan and develop the site. Council approved a conditional zoning permit for the parcel in May 2021 and authorized the Manager to execute a site development contract with Self-Help Ventures Fund in October 2021, which was executed in February 2022.
The approval of vertical development contracts is one of the next key milestones on the project schedule that has been shared with Council. The option agreements included in this item are an interim step to achieving that milestone. The Town and its outside legal counsel have worked with the vertical developers to outline the terms of the option to ground lease agreements that give each developer a sole and exclusive option to lease the land. It is anticipated that the Town will need to execute a ground lease with each vertical development partner by summer 2024, prior to the start of building constructio...
Click here for full text