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Home My WebLink AboutR-1998-041 Property Sale / Fenton Street / Neighborhood Development Services / Yakima Housing AuthorityRESOLUTION NO. R-98- 41 A RESOLUTION ratifying and approving a January 26, 1996 Option to Purchase Real Property Agreement regarding four R-3 zoned lots in the 900 block of Fenton Street executed by the City of Yakima, through the Office of Neighborhood Development Services, in favor of the Yakima Housing Authority, and further authorizing and directing the City Manager and the City Clerk of the City of Yakima to execute all necessary documents to transfer title of said real property from the City of Yakima to the Yakima Housing Authority. WHEREAS, on January 26, 1996, the City of Yakima, through the Office of Neighborhood Development Services, and the Yakima Housing Authority ("YHA") entered into an Option to Purchase Real Property Agreement("Option") regarding four R-3 zoned lots in the 900 block of Fenton Street, Yakima, Washington (a legal description of said property is attached hereto as Exhibit "A" and incorporated herein by this reference); and WHEREAS, under the Option, YHA had the option to purchase said property from the City for a total sum of Thirty Six Thousand Dollars ($36,000.00); and WHEREAS, under the terms of the Option, YHA had and exercised the right to unilaterally extend the term of the Option through December 31, 1998; and WHEREAS, YHA now desires to exercise its right to purchase said property from the City on or by March 20, 1998 in order to build three new duplexes and one single-family unit on the location for farm worker families; and WHEREAS, any real property documents transferring title from the City to YHA would contain a condition that the City reserves the right to purchase the property back from YHA for $36,000.00 in the event that YHA does not have all necessary funding in place to begin construction of the housing project by December 31, 1999; and WHEREAS, the City Council deems it to be in the best interest of the City of Yakima to ratify and approve the Option and authorize execution of the necessary documents to transfer title of the subject real property to YHA, now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF YAKIMA: A January 26, 1996 Option to Purchase Real Property Agreement regarding four R-3 zoned lots in the 900 block of Fenton Street and executed by the City of Yakima, through the Office of Neighborhood Development Services, in favor of the Yakima Housing Authority is hereby ratified and approved. Further, the City Manager and the City Clerk of the City of Yakima are hereby authorized and directed to execute all necessary documents to transfer title of said real property from the City of Yakima to the Yakima Housing Authority. (1k)res/YHA FentoNpm ADOPTED BY THE CITY COUNCIL this t day of March, 1998. ATTEST: ohn Puccinelli, Mayor City Clerk rr I 111 '.'_rw� '• i'aft a w.�w+esne'xg Ty tont on prolact Fenton Street Project Area Mosaic of Digital Orthophotography flown 03/12/94 Project Area 0 oiYa&f ( �a 4(1; 11.1% M oa d Scale - lin = l00ft 50 100 Created: March 12, 1998 0 t 122 '3 Y 1011 11 10 10 10 cVe 4®" 11 104 110 211 er 114 302 300 301 310 312 311 322 324 30 303 306 307 300 311 313 316 312 311 321 323 326 114 312 42 44 es 101 410 403 45 47 401 302 304 300 300 310 314 b4 401 410 1/_!DP EYAKIMA AVE W r A t \7 1- a 1 Current Zoning and Utilities • . • . . . CURRENT ZONING SR Suburban Residential R-1 Single -Family Residential R-2 Two -Family Residential R-3 Multi -Family Residential B-1 Professional Business B-2 Local Business HB Historical Business SCC Small Convenience Center LCC Large Convenience Center CBD Central Business District CBDS CBD Support M-1 Light Industrial M-2 Heavy Industrial NWater Line Sewer Lines Future Land Use FUTURE LAND USE Low Density Residential E YAKIMA AVE O Medium Density Residential High Density Residential Professional Office . Neighborhood Commercial ■ Large Convenience Center ■ Arterial Commercial ■ CBD Core Commercial Wholesale/Warehouse II Industrial ■ Institutional . Parks/Open Space . Urban Reserve r • 1111 • WS.aw-•1-3 1'•ft — Future Zoning FUTURE ZONING SR Suburban Residential R-1 Single -Family Residential . R-2 Two -Family Residential ■ R-3 Multi -Family Residential B-1 Professional Business ■ B-2 Local Business ■ HB Historical Business SCC Small Convenience Center ■ LCC Large Convenience Center ▪ CBD Central Business District CBDS CBD Support M-1 Light Industrial ■ M-2 Heavy Industrial P Parks . I Institutional Digital Orthophoto Mosaic of Digital Orthophotography flown 03/12/94 CITY OF YAKIMA DEPARTMENT OF COMMUNITY AND ECONOMIC DEVELOPEMENT 129 North Second Street Yakima, Washington 98901 Phone: (509)575-6113 Fax: (509)575-6105 All maps shown at 1" = 400ft One page Atlas: fenton project Created: March 12, 199$ BUSINESS OF THE CITY COUNCIL YAKIMA, WASHINGTON AGENDA STATEMENT Item No: 1 3 For meeting of: March 17. 1998 ITEM TITLE: Sale of Fenton Street Property SUBMITTED BY: Glenn Rice, Acting Director of Community and Economic Development CONTRACT PERSON: William Cook, Manager, Neighborhood Development Services (575-6101) SUMMARY EXPLANATION: On January 26, 1996, City of Yakima, Office of Neighborhood Development Services (Seller) and Yakima Housing Authority (buyer) entered into an Option to Purchase Real Property Agreement for four R-3 zoned lots in the 900 block of Fenton Street. The agreement was extended through December 31, 1998, as described in the option. The plan for this project has been included in City housing reports for the past several years and current waiting list for these units totals 490 families. Staff is requesting Council ratify the Option to Purchase Real Property and close on the acquisition on March 20, 1998. The Housing Authority proposes to build three new duplexes and one single-family unit (total of 7 units) on the site for farm worker families. The option price for the lots is $36,000. Although all funding for the development is not yet in place, $280,000 (50%) of the total development cost has been approved and the remaining dollars will be applied for in April from the Washington State Low -Income Housing Tax Credit Program. The competitiveness of this program favors projects with site control (title to property). The title transfer to this property will include a revisionary interest to the City, should the financing and construction not be underway by December 31, 1999. Resolution X Ordinance Contract Other Specify Funding Source: APPROVAL FOR SUBMITTAL: City Managua STAFF RECOMMENDATION: Approve ratification of option BOARD/COMMISSION RECOMMENDATION: COUNCIL ACTION: