Finance committee approves $55,000 buy of 604 Vale Avenue for affordable housing

The High Point Finance Committee voted June 11 to acquire 604 Vale Avenue for $55,000 as part of continued revitalization and future low- to moderate-income housing development.

Nina Wilson, Community Development and Housing Director, told the committee the parcel is approximately 0.18 acres with a tax value of $61,100 and contains a substandard, dilapidated house slated for demolition. "We are requesting that Council approve acquisition of 604 Vale Avenue and authorize the appropriate city officials to execute all necessary documents," Wilson said. Staff said funds are available in the current budget.

Wilson said the lot is ‘‘critical to the development of this portion of Vale between Cassell and Amos streets’’ and is adjacent to property already owned by the city. She described two development options under consideration: combining the parcel with nearby city-owned acreage for a larger project or placing single units on 602 and 604 Vale. The committee approved the acquisition by voice vote.

The purchase price reflects a recent appraisal, Wilson said, and staff noted the appraiser indicated the value was unlikely to have changed since the appraisal was completed within the last year. The city will move forward with closing the purchase, demolishing the substandard structure, and maintaining the site for future development; a separate procurement process will select a developer for the housing project if that route is chosen.

The committee’s vote authorizes execution of documents necessary to acquire the parcel. Staff plans follow-up steps including closing the purchase, conducting demolition and evaluating development options in coordination with existing nearby city-owned property.