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Commission approves $160,000 workforce-housing buyout for Atlantic Grove parcel after developer cites market constraints
Summary
The commission authorized the city manager to accept a one-time payment of $160,000 in lieu of an on-site workforce unit at Atlantic Grove after the developer said mortgage rates, construction costs and HOA fees made offering a qualifying on-site unit infeasible.
The City Commission on Oct. 21 approved a resolution allowing the developer of Atlantic Grove to pay a one‑time $160,000 fee instead of providing an on‑site workforce housing unit required by the city’s land-development regulations.
Developer Tim Hernandez told the commission the Atlantic Grove project had previously reserved several units at below‑market prices in earlier phases, but current market conditions —…
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