TO: CRA Board of Commissioners
FROM: Kim N. Phan, Legal Advisor
THROUGH: Renée A. Jadusingh, Executive Director
DATE: April 27, 2021
Title
PURCHASE AND SALE AGREEMENT - PULTE HOME COMPANY, LLC - CRA owned properties in the SW Neighborhood (Carver Square)
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Recommended Action:
Recommendation
Approve the Purchase and Sale Agreement with Pulte Home Company, LLC for development and disposition of CRA owned properties in the SW Neighborhood for Workforce Housing (Carver Square).
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Background:
At the January 26, 2021 CRA Board Meeting, the Board selected Pulte Home Company, LLC (Pulte) as the successful proposer for the Request for Proposal (RFP) CRA NO. 2020-01 for Development and Disposition of CRA Owned Properties in the SW Neighborhood for Workforce Housing (Carver Square) and directed Staff to enter into contract negotiations with Pulte.
Since the Board Meeting, CRA Staff and Counsel have been in negotiations with Pulte and the terms from the Draft Purchase and Sale Agreement include:
Project Description: Construction of twenty (20) workforce housing single family residences. The sale price and floorplans are as follows:
2020 WFH1 Low Income (51% - 0% AMI) WFH2 Moderate Income (80% - 100% AMI) WFH 3 Moderate Income (100% - 120% AMI) WFH4 Middle Income (120% - 140% AMI)
Sales Price $166,110 $213,570 $261,030 $308,490
Floorplan Single-Family/ 1-Story/ Browning Single-Family/ 1-Story/ Chapman Single Family/ 2-Story/Hamden Single Family/ 2-Story/ Thompson
A/C Square Footage 1,447 1,662 1,822 2,386
Number of Units|99999|
Timeline:
Carver Square-Project Schedule
Milestone Date Notes
Effective Date 4/27/2021 Assumes PSA is signed by the mayor at the 4/27 CRA meeting
Inspection Period (IP) Ends 6/11/2021 45 Day Inspection Period per PSA.
Closing 7/12/2021 Assumes Pulte is issued 20 building permits within 31 days of the end of IP. Actual closing date may vary, depending on fulfillment of conditions precedent...
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