Title
Approval of a Resolution Authorizing an Agreement to Sell City-Owned Real Property at 308-310 4th Avenue East to Urban Olympia 12, LLC, for Mixed Use Development
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 to sell certain real property located at 308-310 4th Avenue East (formerly known as the Griswold Site) to Urban Olympia 12, LLC, for mixed use development including affordable housing for low-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 Urban Olympia 12, LLC, for mixed use development including affordable housing for low-income households.
Staff Contact:
Mike Reid, Economic Development Director, 360.753.8591
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 (aka the Griswold property), 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. The City and Urban Olympia, LLC have negotiated terms and conditions for the purchase of the City's real property that will provide mixed use and a percentage of residential units to be constructed for use as affordable housing made available to low-income households for a period of 20 years from issuance of a certificate of occupancy.
Affordable low-income housing is defined as serving...
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