Orange County NC Website
Browse       Search
27 <br /> VOTE: UNANIMOUS <br /> b. Acceptance of the Five-Year Capital Investment Plan and Approval of the Orange <br /> County CIP Projects of$24,495,770 for FY2017-18 <br /> The Board considered accepting the FY2017-22 Orange County Five-Year Capital <br /> Investment Plan, and approving the Orange County CIP Projects of$24,495,770 for FY2017- <br /> 18. <br /> A motion was made by Commissioner Rich, seconded by Commissioner Burroughs for <br /> the Board to accept the FY2017-22 Orange County Five-Year Capital Investment Plan, and <br /> approve funding for FY2017-18, as stated in Attachment 2, Year 1 (FY2017-18) in the Capital <br /> Investment Plan; and adopt the FY2017-18 County Capital projects as stated in Attachment 3 <br /> and FY2017-18 School Capital projects as stated in Attachment 4. <br /> VOTE: UNANIMOUS <br /> c. Community Home Trust Acquisition of The Landings at Winmore <br /> The Board considered approving Community Home Trust's request, as outlined in the <br /> attached letter, for BOCC approval of the acquisition of The Landings at Winmore, and <br /> modifying the terms of the Development Agreement attached to the property allowing the <br /> acquisition of the property. <br /> Annette Moore, Housing, Human Rights, and Community Development Interim Director, <br /> reviewed the background information: <br /> BACKGROUND: <br /> In 2007, Orange County as a member of the Orange County HOME Consortium awarded <br /> Community Home Trust (CHT) and The Landings at Winmore, LLC $300,000 in HOME funds <br /> to acquire land in Carrboro to develop a low income tax credit property. The property, The <br /> Landings at Winmore, is a fifty-eight (58) unit tax credit housing development with rental <br /> housing specifically for 15 families earning less than 40% area median income ("AMI"), 21 <br /> families earning less than 50% AMI and 22 families earning less than 60% of AMI. <br /> On April 13, 2011 Orange County entered into a Development Agreement with The Landings <br /> at Winmore LLC, Crosland LLC, Community Home Trust, outlining the terms of the loan. In <br /> addition, the parties entered into a declaration of restrictive covenant ensuring the long term <br /> affordability of the project and a deed of trust and promissory note securing the loan on the <br /> property. The loan of HOME funds to the Landings at Winmore, LLC was a 30-year loan at two <br /> percent (2%) interest with a monthly payment of$1,108.86. The balance of the loan is <br /> currently $252,090.51. <br /> In a separate agreement, the Community Home Trust (formerly The Orange Community <br /> Housing and Land Trust) was given an option, by the Owners of the property, to purchase the <br /> units at the end of the tax-credit qualifying period of sixteen years. <br /> The Owners of the Landings at Winmore are now interested in transferring the property to the <br /> Community Home Trust. The affordability restrictions attached to the property would continue <br /> to insure that the apartment units would be rented to individuals and families earning 60% or <br />