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Title:
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Approving the purchase of three parcels of real property with the addresses of 17, 31, and 37 West University Drive that consist of 0.92± acres of vacant land and authorizing the City Manager to enter into the documents necessary to purchase the property for $2,100,000. The purchase of the property is intended to help facilitate the potential development of an affordable housing complex for seniors. The purchase is covered by federal funds from the Neighborhood Stabilization Program (NSP) of $1,926,000. The remaining funding is from the General Fund, sourced from a developer reimbursement of HOME (Home investment partnership programs) dollars related to a project that did not move forward. (District 4) Resolution No. 12291
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