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Board approves 99-year lease for La Casa affordable housing at 716 E. Lincoln Ave.
Summary
The Board approved a 99-year lease and a restricted covenant for La Casa to develop a six-unit affordable rental project at 716 E. Lincoln Ave, with an annual rent of $500; the agreement aligns with a City Council memorandum of understanding approved Dec. 30, 2024.
The Goshen Board of Public Works and Safety unanimously approved a 99-year lease agreement and an accompanying restricted covenant for La Casa to develop a six-unit affordable rental project at 716 East Lincoln Avenue.
A presenter told the board the lease term is 99 years and that annual rent would be $500. The presenter said the agreements are consistent with a memorandum of understanding the City Council approved on Dec. 30, 2024. The agreements were presented for approval to permit La Casa to proceed with the planned development.
Board members asked whether the lease included an inflationary rent adjustment; the presenter said there is no inflationary adjustment and that the lease is not intended as a revenue stream. The presenter also said the agreement contains compliance provisions that would allow the city to exit the lease if required conditions are not met.
A motion to approve the 99-year lease and the restricted covenant for the La Casa Affordable Housing Project was moved, seconded, and approved unanimously. The mayor was authorized to execute the necessary documents.
