What: A resolution approving and recommending a waiver of the 5/50 tax capture for the Seeds of Promise redevelopment: 14 new pre-manufactured for-sale homes on 13 scattered parcels in the Southeast side, four of them held by the Land Bank.
Where it stands: On the Land Bank Authority agenda of 2026-10-21; staff recommended approval. That meeting lacked a quorum, so no action is recorded.
Next: Authority and City action not known.
Details
Homes: 7 one-bedroom (about 983 sq ft), 3 two-bedroom (864) and 4 three-bedroom (1,120), for buyers at or below 80% (7 homes), 100% (3) and 120% (4) of area median income.
Total investment about $3.8 million, about $2.9 million of it construction. Brownfield reimbursement request for the project's public development loss is $1,175,341, about $83,952 per unit, with a 25-year affordability period enforced by deed restrictions.
Estimated sales prices run from $143,650 (one-bedroom) to $220,150 per home.
The developer reports about 17% participation from certified micro-local, minority- and women-owned firms on the eligible portion of costs. Staff said there are no environmental concerns and the developer is current on city taxes.
Listed as the sole action item; staff recommended approval. Related: Brownfield Projects and Reimbursements (Seeds of Promise work plan approved 2026-10-28).