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Council reviews VA Village MOU: EDA holds title, city to manage rentals with affordability conditions
Summary
Council reviewed a memorandum of agreement that keeps title with the Economic Development Authority while city staff will manage Virginia Village rentals; the MOU establishes a rental fund, allowed uses, and repayment/ROI rules for $475,000 EDA investment, and council sought clearer language tying market sales proceeds to broader affordable-housing goals.
Council members discussed a memorandum of agreement that would formalize how the Economic Development Authority (EDA) and the city will manage nine Virginia Village properties the EDA currently owns.
Under the proposed MOU, the EDA retains legal title to the properties while city staff will administer property management and set rents in line with the city's affordable dwelling-unit policy. Rents will be deposited into a Virginia Village Rental Fund held in the EDA's name but supervised by the city's finance director and subject to public-fund rules.
The agreement specifies permitted uses of rental revenues: maintenance and repair of the…
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