Title
City Parking Lot # 10 - Contract for Sale and Purchase (B)
This item involves requesting City Commission approval regarding the contract for sale and purchase of City Parking Lot # 10.
Explanation
On January 7, 2021 the City Commission approved an Offering Memorandum designed to solicit proposals for the redevelopment of City Parking Lot #10.
On May 6, 2021, the City Commission reviewed three (3) proposals from: Ken McGurn, AMJ Group, Inc. and Predesco Property Investments, LLC and directed the following:
(1) negotiate with AMJ and ask to come back with more information about what 25% subsidized and 50% subsidized housing looks like with very clear definitions around workforce, low income, very low income as well as the opportunity to include housing for seniors and people with disabilities; 2) come back with a terms sheet (see that information and understand how the conversations are going, as we go throughout the process) in August.
On August 19, 2021, the City Commission approved a term sheet with AMJ with the following motion:
(1) Accept term sheet and sale of Lot 10 with the exception of the lease of office space and before closing bring back negotiation on an affordable housing program; and (2) Direct staff to bring back information to the Commission a structure on the affordability subsidies as well as the "My Neighborhood" program, with recommendations included from the Office of Equity and Inclusion and options specifically for this development.
Since the August 19th meeting staff has reviewed a Contract for Purchase and Sale and a Development Agreement with AMJ encapsulating the approved terms sheet components as well as an affordable housing program.
The major components of the Contract for Sale and Purchase are:
Purchase price - $2,045.000 (at closing)
Use of Funds from Sale - $350,000 (site improvements); $1,000,000 (affordable housing)
Requesting pedestrian bridge connection into SW Parking Garage
Affordable Housing Program...
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