Nature of Contract
55-year long-term ground lease with one 44-year opiton to extend with Carroll Avenue Senior Homes, L.P., to develop, manage and operate 120 affordable senior rental units (plus one managers unit), with 20% of units set-aside for formerly chronically homeless individuals, and a senior center.
Date Contract Approved
March 4, 2014
The annual rent amount for this site totals $581,000.00 of which:
Base rent = $15,000.00
Residual rent -$566,000.00 (only paid if cash flow is available