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.
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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 redevelopment options for 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; and
WHEREAS, the City desires to require the Richmond Redevelopment and Housing Authority to develop eight such parcels in the Church Hill North revitalization project as single-family affordable housing units offered for sale to qualifying purchasers; and
WHEREAS, the City further believes that the City’s release of the Richmond Redevelopment and Housing Authority and its successors in interest from the reversionary right of the City contained in the aforementioned Quit Claim Deed and from certain related requirements, limitations, and conditions would facilitate this expansion of redevelopment options;
THE CITY OF RICHMOND HEREBY ORDAINS:
§ 1. That the Chief Administrative Officer, for and on behalf of the City of Richmond, be and is hereby authorized to release the Richmond Redevelopment and Housing Authority and its successors in interest from the reversionary right of the City contained in the 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, pursuant to an appropriate document approved as to form by the City Attorney for the purpose of allowing 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.
§ 2. That the Chief Administrative Officer, for and on behalf of the City of Richmond, be and is hereby authorized to release the Richmond Redevelopment and Housing Authority and its successors in interest from the reversionary right of the City contained in the 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 formerly known as 1501 North 31st Street and 1611 North 31st Street, with Tax Parcel Nos. E000-1096/019 and [E000-0627/054] E000-1092/009, respectively, upon the transfer of eight certain parcels by a deed substantially in the form of the deed attached to this ordinance entitled “Quit Claim Deed,” pursuant to an appropriate document approved as to form by the City Attorney for the purpose of allowing the Richmond Redevelopment and Housing Authority to develop eight parcels in the Church Hill North revitalization project as single-family affordable housing units offered for sale to qualifying purchasers.§ 3. This ordinance shall be in force and effect upon adoption.