Title
Ground Lease for Affordable Housing Development at 326 Chapanoke Road in Raleigh
Recommended Action
That the Board of Commissioners:
1. Adopt the resolution authorizing the Chair to execute (i) a ground lease with Chapanoke JV LLC, or an affiliated entity (“Developer”), in accordance with G.S. 160A-278 for the development of affordable housing on a portion of the real property located at 326 Chapanoke Road in Raleigh, NC, and (ii) in the event of the termination of the ground lease with the Developer, a new ground lease for the same property and purposes with the Developer’s senior mortgagee, or its successor or assign (“Lender”).
2. Authorizes the Chair, or where appropriate, the County Manager to execute all other instruments necessary, as owner of the leased property, to facilitate the development of affordable housing at the location, including but not limited to, all easements, plats, and other development related documents.
The ground lease and all related development documents are subject to terms and conditions acceptable to the County Attorney.