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Morganton council approves amended development agreement for 400 Meeting Street, expands housing incentives
Summary
Morganton approved an amendment to the 400 Meeting Street development agreement that increases the planned project to 81 units, extends permit deadlines to Dec. 31, 2026, and preserves the city's right to repurchase if financing fails; council also adopted revisions to local housing and loan programs to support development.
Morganton’s City Council on April 6 unanimously approved an amended development agreement with 400 Meeting Street LLC and Haven Capital Partners LLC that revises the schedule and size of a planned residential project and authorizes staff to execute the updated contract.
The amendment raises the planned total to 81 housing units — described by staff as 65 rental units and 16 townhomes — increases the developer’s investment and shifts performance dates. City Manager Sally Sandy told the council the developers "are putting money in themselves" and are aiming to have all necessary plans and permits by Dec. 31, 2026, with construction to begin within four months thereafter. The agreement preserves the city’s option to repurchase the property if the developer fails to secure financing.
Why it matters: the amendment combines several city housing decisions into one package: council also adopted updates to the single-family housing stimulus program and to local loan programs that staff said are intended to make development more feasible while protecting public investment. Those…
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