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Council reaffirms 319 Biltmore redevelopment plan and authorizes gap loan and tax grant for mixed‑income project
Summary
Council reaffirmed prior disposition authority and authorized staff to negotiate a development and lease agreement with Laurel Street Residential for a phased 221‑unit redevelopment at 319 Biltmore Avenue, including a $3 million housing trust fund loan for phase one and a possible tax grant up to $100,000 per parcel per year for 20 years.
The Asheville City Council on June 24 reaffirmed its prior August 2022 disposition resolution for the city‑owned site at 319 Biltmore Avenue and approved a new development approach with Laurel Street Residential that includes a phased mixed‑income development, a $3 million housing trust fund loan for phase one, and a tax grant request to support long‑term operating pro forma.
City staff presented a revised deal for the 221‑unit project that breaks construction into two phases. Phase 1 would include 109 units with 33 project‑based vouchers and would rely on a $3,000,000 loan from the city’s…
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