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Fiscal Court approves option to ground lease 501 Holmes St. to Winterwood for LIHTC housing plan
Summary
The court approved an option to ground lease county property at 501 Holmes Street to Winterwood Development LLC, modifying the lease term from 75 to 50 years to meet investor requirements for Low‑Income Housing Tax Credit financing; the item passed during the meeting's voting session.
The Franklin County Fiscal Court voted Dec. 18 to approve an option to ground lease county‑owned property at 501 Holmes Street to Winterwood Development LLC as part of a proposed Low‑Income Housing Tax Credit (LIHTC) project. Autumn presented the amended option and said the term had been changed from 75 years to 50 years following developer and investor feedback.
Josh Robinson (Winterwood) said the longer lease term is typically required by investors as a financing condition, and Winterwood will take the lead on design, applications and LIHTC paperwork. County staff said the ground lease is an option agreement; a formal lease will follow after the LIHTC application cycle later next year. The option includes a nominal annual rent provision and administrative oversight steps in closing and monitoring the property.
Fiscal court members asked about long‑term county responsibilities and the possibility of alternative dispositions (e.g., a different conveyance at the end of a compliance or affordability period). The developer and staff said that investors require lease term certainty for tax‑credit financing and that the county’s administrative burden after placement in service should be limited.
The court approved the option to ground lease with a voice vote. The item was presented as part of the court’s housing strategy and tied to efforts to increase locally affordable housing stock.
