Title
To authorize the Chief Administrative Officer, for and on behalf of the City of Richmond, to execute appropriate documents releasing the Richmond Redevelopment and Housing Authority and its successors in interest from the reversionary right of the City contained in a certain quit claim deed concerning the properties formerly known as [1116] 1611 North 31st Street and 1501 North 31st Street for the purpose of allowing the Richmond Redevelopment and Housing Authority to develop portions of the properties as single-family residential units offered for sale to the public and to ensure that eight such parcels be developed as single-family affordable housing units offered for sale to qualified purchasers.
Body
WHEREAS, pursuant to Ordinance No. 2015-46-48, adopted March 2, 2015, the Chief Administrative Officer, for an on behalf of the City, executed a Quit Claim Deed, dated January 23, 2017, and recorded in the land records of the Circuit Court of the City of Richmond on January 26, 2017, as Instrument No. 17-1669, by which the City conveyed to the Richmond Redevelopment and Housing Authority the properties known as 1501 North 31st Street and [1116] 1611 North 31st Street, with Tax Parcel Nos. E000-1096/019 and [E000-0627/054] E000-1092/009, respectively; and
WHEREAS, the Richmond Redevelopment and Housing Authority has subdivided the aforesaid properties; and
WHEREAS, the City desires to allow the Richmond Redevelopment and Housing Authority to develop portions of the properties formerly known as 1501 North 31st Street and [1116] 1611 North 31st Street, with Tax Parcel Nos. E000-1096/019 and [E000-0627/054] E000-1092/009, respectively, as single-family residential units offered for sale to the public rather than as a mixed-income rental housing development and believes that releasing the Richmond Redevelopment and Housing Authority from the reversionary right of the City contained in the aforementioned Quit Claim Deed would expand the range of redevelo...
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