Council asked to rearrange debts for for Autumn Oaks

Dec. 18, 2012 @ 05:00 AM

 

SANFORD — Sanford City Council is set to consider a request to prioritize loans for the Autumn Oaks Apartment Complex during tonight's meeting.   

Community Investment Corporation of the Carolinas is asking Sanford to subordinate, or lower in priority, a $225,000 city loan behind the company's $530,000 loan toward the project, according to the city's agenda. North Carolina Housing Finance Agency-Rental Production Program is also seeking subordination of the city's loan behind its $804,000 loan. This would allow the two larger loans to take precedence over the city's during repayment, according to Sanford Attorney Susan Patterson. 

"They are putting more money in, and they want the city's lien to have lower priority," she said.

The subordination is within the council's discretion, but not something out the ordinary, she said.       

The 60-unit affordable housing complex, located at 250 Willow Oak Drive, opened in April with nearly every room filled, and construction of 60 more units is slated for January. 

The Sanford City Council is scheduled to meet tonight at 7 p.m. at city hall, located at 225 E. Weatherspoon St.

The council will also continue its discussion concerning several interlocal agreements with Lee County. 

Other items on the council agenda:

* National Night Out award: The council is set to be recognized for placing sixth in the its category for National Night Out participation. This is the 17th consecutive year the city of Sanford has received an award from National Night Out. 

* Solid Waste Management Plan: The Solid Waste Management Plan of 2012 for the Lee County Planning Area endorsement is scheduled for the consent agenda. 

* Public Hearing for T.L. Stewart Builders: The council will conduct a public hearing to rezone two tracts of land at 2203 Woodland Ave. from residential-mixed zoning district to woodland storage conditional zoning district. The land would be used for the development of a mini-warehouse storage business, according to the agenda. 

* Taxpayers' request for abatement: The council will consider tax abatement for Parinaz Nasseri.