Title
Approval of a Resolution Authorizing the Sale of Certain Real Property Located at 308-310 4th Avenue East (Formerly Known as the Griswold Site) to Big Rock Capital Partners, LLC
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Move to approve the resolution authorizing the City Manager to execute all documents necessary to sell certain real property located at 308-310 4th Avenue East (formerly known as the Griswold Site) to Big Rock Capital Partners, LLC, for mixed use development including affordable housing for low- and moderate-income households.
Report
Issue:
Whether to approve the resolution authorizing the City Manager to execute all documents necessary to sell certain real property located at 308-310 4th Avenue East (formerly known as the Griswold Site) to Big Rock Capital Partners, LLC, for mixed use development including affordable housing for low- and moderate-income households.
Staff Contact:
Mark Barber, City Attorney, 360.753.8223
Presenter(s):
None - Consent Calendar Item.
Background and Analysis:
On February 3, 2015, the Olympia City Council approved Resolution No. M-1814, declaring the real property located at 308-310 4th Avenue East in Olympia, Washington, to be within a blighted area as defined in RCW 35.81.010(2) and designated as a Community Renewal Area (CRA) pursuant to RCW Chapter 35.81. The City of Olympia acquired the Griswold property in 2016, with the objective of eliminating blight and creating opportunities for redevelopment and low to moderate income housing. Following a Request for Proposal process, the City selected Big Rock Capital Partners, LLC as the development partner for the project. The City and Big Rock Capital Partners, LLC have negotiated terms and conditions for the purchase of the City's real property that will provide mixed use and provide for fifty-one percent (51%) of the total residential units to be constructed for use as affordable housing...
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