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Board authorizes mayor to sign donation agreement with Advantix for Lake Point affordable-housing parcel
Summary
The board authorized the mayor to sign a donation agreement transferring a parcel to Advantix for the Lake Point affordable housing project once legal finalizes statutory-compliant language, with staff saying closing is expected in the coming months and groundbreak late in the year if state approvals follow.
City staff asked the board on May 6 to authorize the mayor to sign a donation agreement with Advantix that would transfer a parcel (once the Catholic diocese closing is complete) to support the Lake Point affordable/low-income housing project. Staff said they have been negotiating final contract language with Advantix and city legal to ensure the transfer complies with state statute governing transfers of government-owned real estate to nonprofits for low-income housing.
Project partners told the board rising costs in the tax-credit market have complicated financing, and Advantix is working to fill funding gaps. Staff said the hope is to close within a couple of months and, if approvals timely, to break ground by year-end with about a one-year construction schedule. The board approved authorizing the mayor to sign the document once legal finalizes the language.
Board members said staff will return with contract details and subsequent construction-related contracts for board approval as the project advances.
