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|Acting Chairman Linda Cropp at the request of the
A PROPOSED RESOLUTION IN THE COUNCIL OF THE DISTRICT OF COLUMBIA
Acting Chairman Linda W. Cropp, at the request of the Mayor, introduced the following resolution, which was referred to the Committee on .
To authorize the sale of property located in Square 304, Lot 823, known as the former Thompson's Dairy Site.
RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this Resolution may be cited as the "Sale of the Former Thompson's Dairy Site Approval Resolution of 1997."
SEC. 2. The Council of the District Columbia has reviewed and approves the sale of the former Thompson's Dairy site, pursuant to D.C. Law 8-96.
SEC. 3. The Secretary to the Council of the District of Columbia shall transmit a copy of this resolution, upon its adoption, to the Mayor of the District of Columbia.
SEC. 4. This resolution shall take effect immediately.
DISTRICT OF COLUMBIA
A PROPOSAL TO SELL LOT 823, SQUARE 304, KNOWN
I. Description of Property
II. Development Plans
A Council resolution approving disposition of the property pursuant to D.C. Law 8-96 was effective May 5, 1995. The Department of Housing and Community Development intended to dispose of the property to AMB Enterprises, Inc. AMB had submitted to the Department an unsolicited proposal to acquire the property for development of 155 condominiums and 5,000 square feet of retail space. An Exclusive Right Agreement was executed with AMB in July 1995. However, because AMB was unable to secure financing for the project, the Department was unable to dispose of the property within the two year period allowed by D.C. Law 8-96. However, AMB Enterprises has now identified financing for the project and expects to finalize the commitments within a few months, allowing disposition of the property to move forward as planned.
II. Proposal Benefits
Development of the property will serve as a major catalyst for redevelopment along the U Street corridor. Currently the site is vacant and an eyesore. The AMB proposal will bring middle income homeowners to the District, generating approximately $1.2 million in tax revenues.
III. Required Public Action
The public actions required to bring this project to fruition are: 1) Council approval to dispose of the property pursuant to D.C. Law 8-96 and 2) approval by the D.C. Financial Responsibility and Management Assistance Authority of the land disposition documents.
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