Approving the purchase of three parcels of real property with the addresses of 17, 31, and 37 West University Drive that consist of 0.92± acres of vacant land and authorizing the City Manager to enter into the documents necessary to purchase the property for $2,100,000. The purchase of the property is intended to help facilitate the potential development of an affordable housing complex for seniors. The purchase is covered by federal funds from the Neighborhood Stabilization Program (NSP) of $1,926,000. The remaining funding is from the General Fund, sourced from a developer reimbursement of HOME (Home investment partnership programs) dollars related to a project that did not move forward. (District 4) Resolution No. 12291

What this record is

Amount

$2.10M

Runs until

Not stated in the agenda text — the term is normally in the signed agreement, attached to the original item ↗

Type

purchase

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Read automatically from the title of the official record. The source document below is authoritative.

Committee

City Council

Introduced

October 28, 2024

On agenda

November 4, 2024

Where it was heard

City Council Nov 4, 2024

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