The Housing and Community Development Department (HCDD) recommends Council approval of an Ordinance authorizing an Agreement for Option to Purchase Real Property between the City of Houston (City) and CR V Hardy Yards, LP (Seller), for the purchase of 10.697 acres of land (EXHIBIT A) in the amount of $15,800,000.00, to develop affordable owner-occupied, single family homes. The land is located at the intersection of North Main Street and Burnett Street, and known as Hardy Yards (the Property). Acquisition and development of the Property will be funded under the HCDD Harvey Single Family Development (HSFD) Program, which is funded by Community Development Block Grant - Disaster Recovery 2017 (CDBG-DR 17) funds.
This purchase will add new, affordable owner-occupied homes within an area experiencing a high rate of gentrification. The location of the site will help HCDD provide a variety of affordable home options in the Near Northside neighborhoods through infill and transit-oriented development. HCDD intends to convert this site into single family development with market rate and affordable homes.
The Property comprises 10.697 acres of land situated at 800 Burnett Street, Houston, Texas. The Purchase Price is $15,376,713.00. In addition to the purchase price, there will be approximately $423,287.00 for other costs as shown in the chart below. The HSFD program guidelines will be presented under a separate Ordinance.
The Seller understands that there is no obligation to sell the Property under the HSFD Program, but the Seller does so voluntarily. The City’s power of eminent domain will not be used. The purchase of the Property is subject to environmental clearance from the U.S. Department of Housing and Urban Development and other approvals, such as the program guidelines, and this land acquisition eligibility approval by the Texas General Land Office (GLO). The following is a breakdown of expected costs:
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Estimated Due Diligence maintenance, pre-development and planning costs
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No fiscal note is required on grant items.
This item was reviewed by the Housing and Community Affairs Committee on February 23, 2021.