HomeMy Public PortalAboutAB 07-43 Land lease amendment for McCall Ave. lots
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MCALL CITY COUNCIL 216 East Park Street
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AGENDA BILL MCall, ID 83638
Number AB 07-43
Meeting Date March 8, 2007
AGENDA ITEM INFORMATION
Approvals: Department/ Initials Remarks
SUBJECT:
Committee/Individual (Originator/
Support)
Change in terms of land lease for McCall
Mayor / Council
Avenue lots
City Manager
Community Development
Treasurer
Clerk
Police Department
Public Works
Golf Operations
Parks & Recreation
Airport
COST IMPACT: none
Library
FUNDING SOURCE: n/a
City Attorney
Grant Coordinator originator
TIMELINE:
Other:
SUMMARY STATEMENT:
The City of McCall has developed a land lease for each of 9 lots of City property on McCall Ave.,
which are dedicated for community housing.
The Valley Adams Regional Housing Authority (VARHA) has reviewed the leases and has been in
communication with a variety of lenders regarding the terms of the lease. It has been determined
that the current lease length of 50 years will not satisfy some lenders, thereby limiting their
participation in providing home loans for those wishing to purchase the homes.
The attached letter from VARHA provides the details to the lending dilemma.
RECOMMENDED ACTION:
Amend the land lease agreement for the McCall Avenue lots and increase the lease length
to a term as recommended by VARHA. Authorize the Mayor to sign all necessary
documents.
RECORD OF COUNCIL ACTION
Meeting Date ACTION