Title
Vote on a request to approve the First Amendment to Declaration of Covenants, Conditions and Restrictions for Central Carolina Business Campus and to authorize the County Manager to execute the amendment and execute a waiver of repurchasing rights set forth in the Declaration of Covenants for Lot 9 of Central Carolina Business Campus, also known as the Wallick Communities / Oak View at Siler City Lot.
Abstract
Action Requested: Vote on a request to approve the First Amendment to Declaration of Covenants, Conditions and Restrictions for Central Carolina Business Campus and to authorize the County Manager to execute the amendment and execute a waiver of repurchasing rights set forth in the Declaration of Covenants for Lot 9 of Central Carolina Business Campus, also known as the Wallick Communities / Oak View at Siler City Lot.
Introduction & Background: Chatham County is partnering with Wallick Communities, a low-income tax credit housing developer (LIHTC), to establish an affordable housing multifamily residential development within the Central Carolina Business Campus (CCBC) in Siler City. The intended location of this 72 residential unit development is 226 Campus Drive, which is a 15-acre tract of land east of Chatham Hospital near the end of Campus Drive. This location has been identified as being particularly desirable for this project on account of its proximity to health care services, job centers, and essential goods and services.
A Declaration of Covenants, recorded in 2006, governs the development and uses allowed within the CCBC. The Covenants, as currently written, contains restrictions and other requirements inhibiting the noted housing development project to take place at the identified location. The requested Covenants amendment seeks to address these several restrictions, which will enable this project to move forward.
According to the Covenants, three-fourths of the CCBC property owners must agree to any such amendments. The count...
Click here for full text