Title
Approval of a Resolution Authorizing the Sale of City-Owned Real Property Located at 2828 Martin Way E. to the Low Income Housing Institute (LIHI)
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Move to approve a resolution authorizing the City Manager to execute all documents necessary for the sale of City-owned property located at 2828 Martin Way E. to the Low Income Housing Institute (LIHI).
Report
Issue:
Whether to approve a resolution authorizing the City Manager to execute all documents necessary for the sale of City-owned property located at 2828 Martin Way E. to LIHI for the development of affordable housing and housing-related services on that site.
Staff Contact:
Cary Retlin, Home Fund Manager, Community Planning & Development, 360.570.3956
Presenter(s):
None - Consent Calendar Item
Background and Analysis:
In July 2018, the City Council purchased real property located at 2828 Martin Way for $1,350,000 with Olympia Home Fund dollars for the purpose of future affordable housing development as provided in RCW 82.14.530. Since that time, Interfaith Works and the LIHI have partnered to plan 65 apartments of supportive housing and a 60-bed temporary shelter. Both LIHI and Interfaith Works provide housing and housing-related services to the population groups identified in RCW 82.14.530. Those populations are in high need of housing according to the Thurston County Homeless Housing Plan 2017-2022.
Primary Contingency
This Real Estate Purchase and Sale Agreement is contingent upon LIHI receiving funds from the Washington State Housing Trust Fund and tax credit allocations from the Washington State Housing Finance Commission. If those funds are secured, the parties will proceed with closing by April 30, 2020. Authorizing this agreement now strengthens the LIHI/Interfaith application to those funders so that it puts our community's application in the best position when competing with ot...
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