HomeMy WebLinkAboutHALCYON SECOND ANNEXATION & ZONING - 9-03 - REPORTS - PROJECT NARRATIVEAnnexation of Land Bank properties
One of the main issues for affordable housing production is the diminishing supply of vacant
land available to prospective developers. Anecdotal information from local affordable housing
developers indicates that it is becoming increasingly difficult to secure sites for new affordable
housing projects. The Land Bank Program was created as a pro -active solution to this problem
and approved by the City Council on April 17, 2001
The purpose of program is to acquire unimproved sites that are appropriate for affordable
housing and holds them long-term (5-years minimum) so that they are available when needed.
Unlike many of the City's other programs, the Land Bank Program is long term in scope and
addresses the need for affordable housing beyond the immediate requirement. Ultimately, Land
Bank sites will be sold at discount to non-profit or for -profit developers to build affordable
housing projects. The annexation of these properties is a necessary step to make the sites ready
for future development by affordable housing providers.
The proposed zoning for the property is LMN — Low Density, Mixed Use Neighborhood. This
zone district is consistent with the City of Fort Collins Structure Plan designation for the site.