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File #: ORD. 2022-258    Version: 1 Name:
Type: Ordinance Status: Adopted
File created: 9/12/2022 In control: City Council
On agenda: 9/26/2022 Final action: 9/26/2022
Title: To direct the sale of the City-owned real estate located at 2200 Ingram Avenue, consisting of 5.108 ? acres, for $500,000.00 to Oak Grove Partners, LLC for the purpose of facilitating the construction of an affordable multifamily residential development. (8th District)
Patrons: Mayor Stoney
Attachments: 1. Ord. No. 2022-258, 2. Staff Report
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To direct the sale of the City-owned real estate located at 2200 Ingram Avenue, consisting of 5.108 ? acres, for $500,000.00 to Oak Grove Partners, LLC for the purpose of facilitating the construction of an affordable multifamily residential development. (8th District)
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WHEREAS, by Resolution No. 2021-R024, adopted April 16, 2021, the Council approved the biennial real estate strategies plan entitled "2020 Biennial Real Estate Strategies Plan" and declared the City-owned real estate located at 2200 Ingram Avenue and known as The Oak Grove Parcel, consisting of approximately 5.108 acres, to be surplus City-owned real estate;
NOW, THEREFORE,

THE CITY OF RICHMOND HEREBY ORDAINS:
? 1. That, notwithstanding the requirements of section 8-58 of the Code of the City of Richmond (2020), as amended, the City-owned real estate known as 2200 Ingram Avenue, consisting of approximately 5.108 acres, identified as Tax Parcel No. S000-0863/001 in the 2022 records of the City Assessor, being hereinafter referred to as the "Property," is hereby directed to be sold to Oak Grove Partners, LLC, being hereinafter referred to as the "Purchaser," for the purchase price of $500,000.00 for the purpose of facilitating the construction of an affordable multifamily residential development consisting of approximately 220 apartment units and 15 townhomes or condos in accordance with Chapter 8 of the Code of the City of Richmond (2020), as amended, the Charter of the City of Richmond (2020), as amended, the Code of Virginia (1950), as amended, and the Constitution of Virginia.
? 2. That the sale of the Property shall be conditioned on the Purchaser's completion of both of the following within five years after the acquisition of the Property:
(a) The development of no less than 220 multifamily affordable dwelling units with 30-year income rent restrictions averaging no more than 60% of the area median income for the Richmond-Petersburg Metropolitan Statisti...

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