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AN ORDINANCE • AUTHORIZING THE CONVEYANCE OF LAND AT 521 RIDGE STREET AND 529 RIDGE STREET, AND A PORTION OF THE RIDGE STREET RIGHT OF WAY, TO CHERRY AVENUE INVESTMENTS, LLC FOR MIXED USE DEVELOPMENT. WHEREAS, Cherry Avenue Investments, LLC ("Purchaser") has requested from the City a conveyance of the following described City -owned land, hereinafter referred to as the "Property": 1. 521 Ridge Street, designated as Parcel 145 on 2008 City Tax Map 29, being 0.208 acres, more or less; 2. 529 Ridge Street, designated as Parcel 149 on 2008 City Tax Map 29, being 0.157 acres, more or less; 3. Portion of Right of Way along Ridge Street, being 0.08 acres, more or less. and WHEREAS, the conveyance of the Property is necessary for the development of a mixed use development project at the intersection of Cherry Avenue and Ridge Street, and the Developer has agreed to provide a $253,000 cash contribution toward the purchase or development of affordable housing in the Fifeville neighborhood; and WHEREAS, in accordance with the requirements of Virginia Code Section 15.2-1800(B) and Section 15.2-1813, a public hearing was duly advertised and held to give interested members of the public the opportunity to comment on the proposed conveyance of the Property; and WHEREAS, the proposed purchase price is $253,000 ($13.08 per square foot), with the exact square • footage conveyed to be shown on a survey by a licensed surveyor, and any square footage dedicated from the Purchaser to the City to be credited to calculate net square footage; and WHEREAS, the City Engineer, the Director of Neighborhood Development Services, and the Public Utilities Manager have reviewed the proposed conveyance of Property and have no objection thereto; and WHEREAS, construction of the mixed use development project will provide additional infill residential and commercial space, preservation of green space through increased density and additional tax revenue to the City; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Charlottesville, Virginia that the Mayor is hereby authorized to execute a Land Purchase and Sale Agreement, and a deed, all in form approved by the City Attorney, for conveyance of the above-described Property to Cherry Avenue Investments, LLC. The City Attorney is hereby authorized to take whatever steps are necessary to effect the closing of said conveyance. Approved by Council October 6, 2008 c of City Council 0