Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Affordable Housing topic
No spam. Unsubscribe anytime.
Council approves urban renewal area and development agreement backing Ginkgo Ridge affordable homeownership project
Summary
Council approved a Ginkgo Ridge urban renewal area and a development agreement for a $6.1M project to build 15 for‑sale units priced at roughly $175,000 for households at 80% LMI with a 15-year affordability period; staff recommended the net present value city incentive of ~$350,000 over 15 years.
City staff presented the Ginkgo Ridge urban renewal area and a development agreement for an affordable homeownership project on Summit Avenue SW, and the City Council approved the related resolution and moved/approved the ordinance on first reading.
Scott Mather said the proposal is a $6.1 million investment to construct 15 for‑sale units (three four‑plexes and one three‑plex) priced at about $175,000 for households at 80% of area median income and subject to a 15‑year affordability covenant. Construction was presented to begin June 2025 and finish in December 2026. The city incentive was described as an NPV of approximately $350,000 over 15 years.
Council member Hager recused from items 5 and 6; after the public hearing (no objections) council approved the resolution and moved the ordinance on first reading. Staff will return with final development agreement documents for subsequent readings and final execution if needed.
Why it matters: the project aims to add limited‑price for‑sale housing targeted to households at 80% LMI with a multiyear affordability period, using a modest city incentive to support development.
