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Meeting Date:
04/22/2024
Homestead Development, LLC - Purchase/Sales Agreement - State Route 201, LLC Acres
Submitted By:
Bryan Chodkowski
Department:
Assistant City Manager
Council Committee Review?:
Council Work Session
Date(s) of Committee Review:
04/16/2024
Audio-Visual Needs:
None
Emergency Legislation?:
No
Motion/Ordinance/
Resolution No.:
2024-R-7416
Agenda Item Description or Legislation Title
A Resolution Authorizing The Execution Of A Real Estate Purchase And Sale Agreement Between The City Of Huber Heights And Homestead Development, LLC.
(first reading)
Purpose and Background
The City of Huber Heights issued a Request For Proposals (RFP) on August 21, 2023 for the sale and purchase of certain real property owned by the City. The property in question is two separate parcels. One parcel is approximately 15 acres in size, the second parcel is approximately 8 acres in size; collectively comprising ~23 acres located at the intersection of Carriage Trails Boulevard and Brandt Pike. Homestead Development, LLC submitted a proposal in response to the City’s request to develop the smaller, 8 acre parcel. The proposal includes an initial purchase price of $1,600,000, the development of market-rate multi-family housing at 20.75 units per acre, and additional minimum service payments currently estimated at $1,200,000.
A development agreement between the City and Homestead Development, LLC to clarify development terms and incentives relative to approved development plans will be submitted for Council consideration at a future date.
Fiscal Impact
Source of Funds:
N/A
Cost:
N/A
Recurring Cost? (Yes/No):
N/A
Funds Available in Current Budget? (Yes/No):
N/A
Financial Implications:
Attachments
Resolution
Exhibit A
2024-R-7416
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