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Board approves ground lease with TVC Development for Trumbo affordable housing, inserts later agreement language for affordable covenants
Summary
The Monroe County School Board approved a ground lease with TVC Development Inc. (Trumbo Affordable Workforce Housing) and included revised language clarifying that a declaration of affordable restrictions will be agreed upon and inserted by the parties at a later date to assist the developer's financing.
The Monroe County School Board voted to approve a ground lease with TVC Development Incorporated for the Trumbo Affordable Workforce Housing project, with a narrow revision requested by the developer to assist its financing.
Board counsel explained that VESCOR (the developer referenced in the meeting) requested one additional line in Exhibit C to state that the declaration of affordable restrictions would be agreed upon and inserted by the parties at a later date. Counsel and staff described that change as a minor revision that does not materially alter the ground lease but could aid the developer's financing process. The board approved the ground lease with the added language after a motion and second; the minutes record the motion as approved.
Why it matters: The ground lease advances a district'affiliated affordable workforce housing project intended to provide housing options tied to district needs; the revision was limited to the timing of an affordable restrictions declaration and is intended to facilitate lender review and closing.
Board attorneys and staff were present during the discussion and said the revision did not change the district'level protections; the parties will return with final agreed language for Exhibit C at a later date.
Sources: School board counsel and the public record of the meeting where counsel described the requested exhibit language and recommended approval.
