Title
Resolution to Approve Entering into a Six-Month Negotiating Period for the Possible Sale of the 415 W. Washington Site
Memorandum
Staff recommends entering into a six-month negotiating period with local developer 4m for possible sale of the 415 W. Washington site to 4m. The site is vacant, blighted, functionally obsolete and determined a facility (contamination over residential criteria) per Act 381, Michigan's Brownfield Redevelopment Act.
As part of the investigation into the utilization of City Properties to develop affordable housing, it was determined that this property was best used for a residential housing development, partnering with a private development team. Also, it was determined to pursue entitlement prior to partnering with a developer ensuring the goals of the community were incorporated into the project prior to agreeing to a sale.
Staff entitled the project through the Planned Unit Development, (PUD), process assuring the minimum goals of the community were part of the zoning approval and development regulations. After that approval, staff worked to find a local development team that would be able to provide additional items above what was approved in the PUD, specifically additional affordable housing and sustainability related improvements.
Staff identified and reached out to the 4m team to discuss if the micro-grid proposed at the South Town development would be viable at this site. In addition, conversations have taken place regarding the ability of the team to deliver all of the units at the 80%-90% AMI target. To that end, the development team has provided the attached letter requesting the opportunity to negotiate a purchase agreement with the city, providing all of the development requirements of the PUD and the additional desired items of affordable units and a carbon neutral building. The details of that potential agreement are included in their letter.
Prior to entering into formal negotiations, staff thought it impor...
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