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Summary of Information:
On September 20, 2004, the City Council approved a conceptual development plan for property
on West Second Street at Shady Boulevard, and on April 18, 2005, the City Council authorized
the sale of four lots on the north side of West Second Street (639, 645, 649 and 653 West Second
Street) to Sustainable Housing, LLC, of which the principal is Mr. William G. Benton, 1105
Brookstown Avenue, Winston-Salem, NC 27101 (Developer). On April 19, 2010, the City
Council approved a modification to the conceptual development plan, approved the sale of one
lot on the southwest corner of West Second Street and Shady Boulevard (646 West Second
Street) to the Developer, and confirmed that the sales price for the property is $25,000 per lot for
a total of $125,000. (See the table below for Street Address, Block/Lot and PIN.)
The City and Sustainable Housing, LLC entered into a development agreement on June 5, 2006,
based on the September 2004 and April 2005 Council actions. The development agreement has
been amended twice to extend the term and to incorporate the changes in the 2010 modification.
The agreement also provides that on the sale of the land to the Developer an encumbrance and
lien of $20,145.91 will be recorded against each lot to recover the City’s costs for acquisition,
demolition, and storm drain replacement that occurred in 2000 and 2001. The encumbrance will
be forgiven on completion of a housing unit and transfer by the Developer to an owner-occupant
purchaser.
The Developer’s plans include development of new construction housing for middle-income
households using designs from the Southeastern Center for Contemporary Art (SECCA) Home
House competition. There will be four housing units surrounding a common, private roadway on
the north side of West Second Street and one housing unit at 646 West Second Street. The
Developer has requested $125,000 in financial assistance from the City to fill a funding gap in
the project cost. These funds are derived from Housing Finance Funds. Specifically, City funds
are proposed to install the private roadway and sidewalk on the north side of West Second Street.
Committee Action: