Agenda - 11-15-2016 - 7-d - Cancellation of a Declaration of Restrictive Covenants

Browse Search

12 Prior to selling the home, the Town of Carrboro required that we record a new plat, indicating the home would no longer be affordable. We commissioned an engineer to provide Carrboro with a revised plat in late 2015 (at a cost of about $1000). We then began working with County staff to cancel the restrictive covenants that were placed on the home in 2003. Similar to our experience in Carrboro, the County staff were reluctant to release an affordable home from the inventory. Due to the expected costs of renovating the house, County staff suggested moving a house from County-owned land in Hillsborough to Pleasant Drive. This plan was perfectly acceptable to CHT if the County was willing to bear all the costs. As it turned out, the costs involved in razing the house at 305 Pleasant, moving a house from Hillsborough and renovating that house were more than the County thought should be spent on one home. It was then, in late August, that we were told we could sell the home. In October, we executed a listing agreement with a Realtor to sell the home out of our inventory. On October 22nd the home was placed under contract with a buyer. The due diligence period for this contact expires on November 14th and closing is scheduled for November 23rd Timeline Summary 2014 • CHT buys home in August for $120,679 • Renovation costs estimated at $100,000 • CHT board approves selling home in October 2015 • Carrboro asks us to reconsider selling • Carrboro staff evaluates home • They estimate renovation costs of$75,000 • Carrboro Town Manager approves selling home in August 2016 • County staff suggest moving home from Hillsborough in April • County determines costs are too high to move home in August • CHT hires a Realtor in September • Home is placed under contract for $179,000 in October • Closing expected on November 23, 2016 • County to receive $30,000 of HOME funds from closing proceeds