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Council reviews Cherry Street property and options for affordable housing; bond debt, deed restrictions noted
Summary
Staff updated council on Cherry Street property history and finances: a $834,000 2018 bond with about $580,000 spent to date, roughly $62,000 annual debt service, deed restrictions for municipal purposes, and an approximate site area of 1 acre with a zoning cap near 32 units under current density allowances.
City staff briefed council on the status of the Cherry Street property and potential uses for affordable housing, noting deed history, outstanding debt and practical development constraints.
Staff said the property was originally conveyed with municipal-purpose deed restrictions; the city issued an $834,000 bond in 2018 and has spent roughly $580,000 on the property to date, including surveys and staff time. Staff reported annual debt service of about $62,000 and an interest rate noted in the presentation of 4.35% with a maturity that previously was described as part of a 22-year term.
On development potential, staff described the lot as roughly one acre and said current zoning could allow a maximum density near 32 units but that the geometry and hillside conditions may limit feasible unit yield. Staff said they plan to include the parcel in an upcoming property-inventory effort that will list city-owned properties for potential affordable-housing development and that providers could be invited to submit interest.
During public comment, a community member who runs a local center emphasized that permanent affordable housing typically requires subsidies and nonprofit ownership, and encouraged the council to consider the full continuum of care, including services such as showers and lockers.
Council members discussed options including surplus procedures and possible reuse for affordable housing; staff said surplus and surplus-redo actions may be required before disposal or transfer and that any sale or redevelopment would require further council decisions.
What happens next: staff will return with property-inventory results and recommended next steps; any surplus or disposition actions will come back to council for formal approval.
