Title
Approval of a Real Estate Purchase and Sale Agreement with the Low Income Housing Institute, Inc. (LIHI) for Property Located at 318 State Ave
Recommended Action
City Manager Recommendation:
Move to approve the Real Estate Purchase and Sale Agreement with LIHI and to authorize the City Manager to execute all necessary documents in conjunction with the sale.
Report
Issue:
Consider entering into a Real Estate Purchase and Sale Agreement with LIHI for property located on State Avenue for use as low income housing.
Staff Contact:
Steve Hall, City Manager, 360-753-8447
Presenter(s):
N/A - Consent Calendar
Background and Analysis:
LIHI provides affordable housing for low income residents throughout the Puget Sound area. LIHI is in the process of obtaining funding from the State of Washington to develop a 41-unit affordable housing project in Olympia. LIHI is also pursuing Federal Low Income Tax Credits from the State Housing Finance Commission (HFC) to complete financing for the project.
The housing is targeted for homeless, veterans, developmentally disabled adults and homeless young adults. LIHI intends to provide on-site management for the apartments.
The City of Olympia has been talking with LIHI about partnering to provide low income housing for the poor and infirm and providing maximum benefit to the community.
As a result of these conversations, Olympia is proposing to sell a portion of City owned property at State and Adams to accommodate the project. This location is immediately adjacent to the downtown bus terminal and other residential services. In addition, a well- designed building at this corner will add to the aesthetics of the State Avenue corridor.
The site is primarily the gravel portion of the property at State and Adams. Most of the site has been cleaned up and should receive State DOE approval as requiring no further action. The northerly portion of the site (approximately 60 feet x 120 feet) st...
Click here for full text