Subject:
Title
Consider approval of the disposition of real estate owned by the City of Harrisonburg, located on Neff Avenue to Pennrose, LLC.
Body
Presented By: Liz Webb, housing coordinator
Recommendation and Review
As directed by City Council, staff negotiated an agreement for the City’s disposition of roughly 8.26 acres (the “Neff Avenue site”) to Pennrose, LLC for residential development. The Neff Avenue Development Agreement (the “Agreement”) will convey the Neff Avenue site to the developer at no cost in order to support the creation of a maximum of 220 affordable housing units.
As detailed in the Agreement, the conveyance is conditioned upon successful applications for land use approvals and project financing. The Agreement details timeframes and other expectations for the phased project. Units will be restricted to and affordable for qualified low-income renters for a minimum of 30 years. Facilitating the development of affordable housing serves an important public purpose in the interests of the City and its residents.