Notification of More Than 10-Year Ground Lease

On August 5, 2024, the City Council of the City of Durham passed a resolution, Attachment A, authorizing a 99-year ground lease agreement with Southside Revitalization Phase III Limited Partnership and Southside Revitalization Phase IV Limited Partnership of 230 Saint Joseph Street (PIN 0821-93-0352, Parcel ID# 220487), and 217 Memphis Street (PIN 0821-93-4541, Parcel ID# 220486) which the City of Durham is the Property owner of Record.

The Ground Lease Agreement is for the public purpose of building 100 affordable housing units at or below sixty percent (60%) Area Median Income (AMI).

The properties to be leased under the attached resolution shall be leased in accordance with an executed ground lease agreement. In no case shall a lease of property occur until after the execution of a ground lease agreement, and all terms of such agreement have been met to the satisfaction of the city.

In accordance with N.C.G.S. §§ 160A-267, 272, and 279, this notice summarizing the contents of the resolution shall be published after its adoption, and no sale or conveyance shall be consummated until ten (10) days after publication of the notice.

A copy of the Notification of Ground Lease can be found at the following link: Notification of More Than 10-Year Ground-Lease