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Council authorizes option to purchase to aid proposed 16-unit affordable housing development
Summary
Council authorized an option-to-purchase agreement with Empower Me Living to allow the nonprofit to apply for development funding toward a proposed 16-unit affordable housing project at 5234 Hester Road; the option gives the group time to negotiate a development agreement with the city.
Oxford City Council approved a resolution authorizing the city manager to enter into an option to purchase agreement with Empower Me Living. The option would allow the nonprofit to apply for development financing to build 16 affordable housing units at 5234 Hester Road, some units intended for adults with developmental disabilities.
City staff described the option as contingent on negotiating a development agreement; the option gives Empower Me Living three months to advance funding applications and allows the city and developer to finalize terms, including protections to preserve affordability. Staff said standard protections such as right of first refusal and covenants are being considered and would be included in the future development agreement.
Council action: The resolution authorizing the option to purchase was adopted by voice vote. Staff reiterated that the option is not a land sale and that a subsequent development agreement and ordinance to sell land would return to council for approval if the project advances.
Next steps: Staff and Empower Me Living will negotiate the development agreement, pursue relevant funding opportunities, and return to council for approval of any sale or development agreement terms.
