Title
Billingsley Mixed-Income Housing Project - Development Agreement
Action
Authorize the County Manager to negotiate the terms and conditions and execute a Development Agreement and all related necessary documents for the Billingsley Mixed-Income Housing project with DreamKey Partners, Inc.
Staff Contact: Jacqueline McNeil, Real Estate Management Director
Roberta Whitner, Senior Real Estate Coordinator
Presentation: Yes
BACKGROUND/JUSTIFICATION:
In the Fall of 2020, DreamKey Partners, Inc. (“Developer”) was selected to develop +/- 14 acres of County-owned property located in the historic Grier Heights neighborhood for a mixed-income housing development. Since that time the Developer conducted community engagement sessions and rezoned the site to an Urban Residential zoning category.
At its June 22, 2022 meeting, the Board authorized the County Manager to negotiate the terms and conditions and execute a pre-development Memorandum of Understanding (“MOU”) with the Developer which outlined the major development expectations. At its December 5, 2023 meeting, the Board authorized the County Manager to negotiate the terms and conditions and include options for a transfer and ground lease agreements. The option agreements and MOU now serve as the basis for the Development Agreement.
The Development Agreement between the County and the Developer governs the land transfer and lease terms, funding, and the horizontal and vertical development components. The vertical development components are planned in three phases which are: Phase I (For Sale), Phase II (Multi-Family Rental) and Phase III (Senior Rental).
The key terms and project schedule for the Development Agreement include the following:
DEVELOPMENT AGREEMENT
Parties
· Mecklenburg County (“County”)
· DreamKey Partners, Inc. (“Developer”)
Ground Lease Terms for the Multi-family and Senior Component
· 70 years minimum or up to 99 years if required for Developer financing
·...
Click here for full text