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City and county agree to term sheet for Morrison Drive parcels to fold into Project 3500; restrictive covenant if sale fails
Summary
Council approved a term sheet to list county-owned parcels at 993 and 995 Morrison Drive as part of Project 3500 for up to one year; if a bona fide offer does not close within the year the county will add a restrictive covenant to maintain specified affordable housing percentages.
Charleston City Council on March 24 approved a high-level term sheet that would include county-owned parcels at 993 and 995 Morrison Drive in the city's Project 3500 redevelopment effort.
Ms. Copeland told the council the term sheet acts like an exclusive listing for one year from the effective date and that within…
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