Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Land Acquisition topic
No spam. Unsubscribe anytime.
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 15 days of closing or a bona fide offer the county parcels would begin the process of changing zoning into the MUH3 district to match project standards. As a fallback, the county agreed to add a restrictive covenant to the deed requiring a specified level of affordable housing should the deal not close within a year.
Staff noted the arrangement would reduce the need for the city to use large amounts of local funds to acquire the property and would allow private-sector closings while still preserving Project 3500's affordable-housing goals. Staff also said the county requested the option to enter into an interim ground lease for parking that would be terminable if a closing is reached.
Council moved and approved the term sheet and related PSA amendments by voice vote. Staff also reported they are working with environmental regulators on a voluntary cleanup contract (VCC) for 899 Morrison and conditioned closing on acceptable cleanup restrictions.
