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• AN ORDINANCE <br />TO AUTHORIZE THE CONVEYANCE OF PROPERTY <br />LOCATED AT 315 NINTH STREET, S.W. <br />TO THE MIDWAY HOUSING DEVELOPMENT CORPORATION <br />WHEREAS, the Midway Housing Development Corporation <br />("Midway"), an affiliate of the Charlottesville Housing Foundation, <br />wishes to acquire a parcel of land owned by the City of <br />Charlottesville, designated as Parcel 87 on City Tax Map 30, and <br />identified as 315 Ninth Street, S.W. in order to convert the house <br />to apartment units which will be rented pursuant to Midway's <br />"Stepping Stone Home Program" to low and moderate income tenants, <br />under which a portion of the rent collected is reserved for future <br />home purchases by the tenants; and <br />WHEREAS, the City agrees to convey the property with certain <br />restrictions to Midway as a gift because the program will increase <br />the supply of affordable housing for low and moderate income <br />residents and will increase homeownership for that type of housing; <br />and <br />WHEREAS, Midway and the City have agreed that title to the <br />property will revert to the City if the above-described program is <br />terminated or substantially altered without express written consent <br />• of City Council for a period of at least one hundred eighty (180) <br />consecutive days as more particularly described in the attached <br />draft deed; and <br />BE IT ORDAINED by the Council of the City of Charlottesville, <br />Virginia that the conveyance of the property designated as 315 <br />Ninth Street, S.W. described above is hereby authorized, and the <br />Mayor is hereby authorized to execute a quitclaim deed, in form <br />approved by the City Attorney. The City Attorney is hereby <br />authorized to take whatever steps are necessary to effect the <br />closing of said property conveyance. <br />Approved by Council <br />April 6, 1992 <br />erk of City Coun i <br />92-7-10 <br />