Title
Project Update and Additional Funds for Southeast Raleigh Promise Scattered-Site Rentals
Recommended Action
That the Board of Commissioners approves:
1. A reduction from 27 to 25 units for the Southeast Raleigh Promise scattered-site rental project in downtown Raleigh, NC, and;
2. Providing an additional $200,000 to support the project with cost increases that have occurred since initial approval.
All funding commitments are subject to terms and conditions acceptable to the County Attorney. In addition, all awards are contingent upon the development receiving local approvals including site plan approval and all necessary permits from the local municipality. All awards are contingent upon the basic terms as identified in the project descriptions, including funding commitments from the financial partners as identified.