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Committee backs 50‑year lease for 184‑unit affordable project on Converse and Carlson
Summary
The finance committee recommended a 50‑year lease of 8.37 acres to 1st and Union Apartments LP for a 184‑unit affordable housing development restricted to 60% AMI; the city will purchase the land using donated funds, lease it for $4,521.64 per month, and the land will transfer to the developer after payments. Councilman Moody recorded a no vote in committee.
The Cheyenne Finance Committee on July 7 voted to recommend a 50‑year lease of city land to 1st and Union Apartments LP for an affordable housing development at the northwest corner of Converse Avenue and Carlson Street.
Mayor Patrick Collins and staff described the project as a 184‑unit development restricted to households at or below 60% of area median income. The city plans to use donated funds to acquire the 8.37‑acre site and then lease it to the developer for a term of 50 years at $4,521.64 per month; the city will deposit lease payments into a special fund to support future affordable‑housing projects. “As these payments come in, we’ll put them into a special fund that we’ll then use to do more affordable housing projects,” Collins said.
Staff noted the lease includes insurance and that the developer bears operating costs. After no public comment, Councilman White moved approval and Councilman Wolfe seconded. The committee recommended approval to the governing body, with Councilman Moody recorded as voting no in committee.
The committee’s recommendation will be forwarded to the governing body for final action.
