AGENDA REQUEST

Sponsor:

Board of Supervisors Meeting Date: 

Chester W. Stribling, Lee District Supervisor

July 14, 2005

Staff Lead:

Department: 

Anthony I. Hooper, Deputy County Administrator

County Administration

Topic: 

A Resolution to Schedule a Public Hearing to Lease Property Located at 7252 Fifth Street, Remington, Virginia, to Fauquier Housing Corporation for Use as an Affordable Rental Unit

Topic Description:

In January 2005, the Board of Supervisors authorized the acquisition of property in Remington located at 7252 Fifth Street in order to provide future access to adjoining property of twenty-eight acres that is intended to be improved as a future park.  The property includes an existing residential unit that requires some improvement.  Fauquier County could manage and improve the structure but it is suggested that it may be more appropriate to lease the property to Fauquier Housing to improve and manage as an affordable rental unit.  General provisions of the lease are: that it be managed as an affordable unit, that it be made available to Fauquier Housing for a five (5) year period, and that Fauquier Housing would have the responsibility of improving the property and the opportunity for rental income from the property.  If the lease is terminated prior to the five (5) year term, Fauquier County would provide a pro-rated reimbursement to Fauquier Housing for the expenditures required to improve the structure. 

If this approach is acceptable, a public hearing to consider the lease to Fauquier Housing will be scheduled in August.

Requested Action of the Board of Supervisors: 

Consider adoption of the attached resolution.

Financial Impacts Analysis:

There will be no expenditures required or income to be received.

Identify any other Departments, Organizations or Individuals that would be affected by this request:

Budget Office

Parks and Recreation

Fauquier Housing Corporation