►
Description
City of Charleston Community Development Committee 4/24/2023
A
B
C
You
Mr
Mayor.
Thank
you
Mr
chairman.
Let
us
bow
our
heads
for
just
a
moment
and
ask
for
God's
blessings
and
be
thankful
for
all
the
blessings
that
he
has
given
us
as
a
city.
We
ask
that
he
help
us
steward
and
and
Marshall
and
and
take
care
of
his
as
many
blessings
that
he's
given
us
here
in
Charleston
for
our
future
and
for
children's
future
as
well.
All
these
things
in
the
name
of
God,
Almighty,
I
pray,
amen,
amen,.
B
B
All
understood
one
all
righty,
so
I
think
everyone
have
received
that
particular
one
and
I
think
that
was
from
Mr
Brian's.
That
was
right.
That
is
correct.
All
right!
Thank
you.
So
we
move
on
to
no
all
business.
We
can
move
right
on
down
to
new
business
in
the
first
item
is
the
audience
to
a
Man
chapter
54
of
the
code
of
the
City
of
Charleston
zoning
ordinance
by
revising
section
52-220
pertaining
to
compensate
space
requirements
and
accommodation,
overlay,
Zone
and
the
Peninsular
portion
of
the
city
and
I
think
it's
on
you,
Christopher,
okay,.
D
Well,
thank
you
Mr
chairman,
and
thanks
to
you
and
all
the
members
of
the
committee
for
taking
time
out
of
your
busy
day
and
setting
up
this
special
discussion
because
we
really
appreciate
it.
We've
got
a
item
of
kind
of
a
little
bit
of
urgency.
That's
behind
this,
and
that
is
that
Mr
palacis
is
working
on
a
new
hotel
in
West
Ashley,
and
this
is
not
the
hotel
that
a
lot
of
you
all
might
have
heard
from
that
is
a
bigger
one
on
an
old
former
auto
dealership
lot
for
anyone
Savannah
highway.
D
D
D
A
nice
in
welcoming
environment
have
free
breakfast,
whatever
it
might
be,
but
you
don't
necessarily
provide
the
meeting
space
and
that
typically
goes
with
the
hotels
downtown,
and
so
we
had
suggested
the
Amendment,
because
first
it
was
brought
to
light
by
Mr
palazzo's
this
situation
over
there.
But
we
realize
that,
as
we
researched,
Suburban
hotels
that
really
most
were
not
providing
meeting
space
anyway,
and
this
ordinance
Amendment
would
not
prohibit
them
from
providing
meeting
space.
D
It
would
just
not
require
it
and
that's
why
it's
kind
of
worded
in
a
little
bit
of
an
odd
way.
It's
saying
it
seems
like
it's
related
to
the
peninsula
when,
in
fact,
what
it's
saying
is
Peninsula
hotels
would
still
be
required
to
require
meeting
space,
as
the
ordinance
already
says,
but
all
our
Suburban
areas
would
not
be
required
to
have
meeting
space
and
that's
pretty
much
the
extent
of
the
amendment
and
you
know
from
our
standpoint.
D
We
were
very
supportive
of
that
based
on
our
research
and
this
did
go
to
the
Planning
Commission
and
they
were
very
supportive
of
it
as
well,
and
you
know
obviously
it's
coming
through
Community
Development
and
then
on
to
full
Council,
that's
kind
of
the
situation
we're
in
and
we
would
love
to
answer
any
questions.
You
might
have
Eric
Pullman,
of
course,
our
West
Ashley
coordinators
here
and
can
also
help
with
answers
to
those
questions.
Mr.
E
C
Yeah
I
I
certainly
get
the
concept
of
what
we're
trying
to
accomplish
here
and
I
support
it.
I
I
do
want
to
ask
a
question
as
to
is
there
some
relationship
to
the
number
of
rooms
in
a
in
a
hotel
either
proposed
here
or
in
the
future?
So
and
in
fact
Christopher
your
example
not
the
hotel
that
Mr
classes
is
planning
on
on
Savannah
highway,
but
this
is
a
another,
smaller
location
and
and
I'm
sure
the
market
would
dictate
and
and
Mr
plassus
would
want
to
have
meeting
space
in
that
bigger
hotel.
C
That's
on
Savannah,
Highway
I
think
that's
it's
his
intent,
but
but
I'm
just
asking
the
question
to
say:
gee.
If
you
get
above
a
certain
number
of
rooms,
no
matter
where
they
are,
should
we
still
consider
leaving
a
requirement
for
some
meeting
space,
how
many
rooms,
just
out
of
curiosity
or
plan
for
this
smaller
hotel,
I?
Think
it's
on
on
Orleans
Road.
F
Andre,
currently,
it's
127
rooms,
which
is
really
about
the
the
minimum
threshold
for
a
Suburban
Hotel
anymore,
for
cost
of
construction
and
land
cost
in
the
area
which
just
doing
a
quick,
math
mathematic
according
to
the
ordinance,
would
mean
that
this
127
room
would
require
a
5
000
square
foot
conference.
Space.
F
C
Well,
I,
like
I,
said
I
I
knew
that
his
intent
and
in
a
way
the
market
will
will
help
dictate
that.
But
you
know
10
years
from
now,
somebody's
replacing
a
hotel
or
doing
a
new
one
and
you've
got
the
larger
number
of
rooms.
I
I
just
question
whether
from
a
policy
point
of
view,
whether
it's
good
at
at
some
level
to
have
still
have
that
requirement
in
place.
C
C
D
I
would
say
that
our
research
has
shown
that
typically,
the
Suburban
hotels
are
typically
lower
than
say
200
rooms
or
so
they're.
You
know
150
175
125,
you
know
that
are
getting
built,
so
I
mean
if
there
was
a
threshold
that
was
higher
than
that.
You
know
for
a
conference
type
Hotel,
because
I
do
think
Eric
correct
me
if
I'm
wrong,
but
I
thought
that
Mr
palacis
had
talked
about
at
least
200
rooms
at
the
bigger
Hotel,
correct,
yeah,
yeah.
D
I
mean
to
me
that
might
be
a
threshold
if
we
we're
going
to
have
a
threshold
in
there
for
triggering
conference
room
requirement.
You
know,
because
that
is
a
different
type
of
Hotel
than
sometimes
when
you
get
above
200
rooms.
It
seems
like,
and
most
of
what
we've
got
in
Charleston
in
our
Suburban
areas
is
below
200
I
I,
don't
know
that
we've
got
one
above
200
in
our
Suburban
areas.
North
Charleston
does
but
I
don't
know.
If
we.
C
Yeah
did
we
allow
for
some
hotel
rooms
at
Citadel
mall
with
their
PUD
I.
Can't
remember
yeah,
yes,
sir.
Yes,
sir,
so
that's
a
case
where
if
they
were
going
to
build,
you
know
one
rather
than
two
small
ones,
and
it
was
big
enough
you
you
would
want
them
to
have
some
meeting
space
there.
I
would
think
you
know
just
a
thought.
G
G
G
C
G
B
Sounds
good:
okay,
councilman,
Waring,
I'm,
good
I'm,
good,
okay,
well,
the
Motions
on
the
floor
all
in
paper
blow
it
by
saying
all
right
and
B
will
come
back
and
look
at
the
the
threshold
so
far
as
rooms
over
150
or
whatever
the
case
may
be,
but
be
approved.
This
will
come
back
and
take
a
look
at
that.
B
H
Yes,
sir
councilmember
Mitchell,
both
Tammy
Wilson
and
Tony
Berry,
are
on
the
zoom
with
us
this
afternoon
before
they
speak
about
point.
Hope,
I
wanted
to
remind
members
of
the
city
Committee
of
City
Council,
of
their
work
to
build
Bermuda
point
which
is
West
Ashley
off
of
Highway
61,
so
those
are
40
town
home
style
units
that
will
be
available
before
the
year
is
out.
I
was
staring
at
Tony
he's
nodding
at
me.
H
So
I
wanted
you
to
be
aware
that
we
have
a
history
with
them
pleased
to
have
them
as
part
of
the
partnership,
and
today
they
want
to
discuss
the
Point
Hope
development
that
they're
engaged
in
and
Tammy
I,
don't
know
if
you
or
Tony
are
starting
first,
so
I'll
defer
to
Florida
you
all.
Thank
you.
Well,.
I
J
A
J
Great
okay!
Well,
first
of
all,
again
thanks
for
your
time
my
name
is
Tony
Berry
I'm,
a
principal
with
the
development
company
based
out
of
Mount
Pleasant
called
TBC
development
and
with
me,
is
Tammy
Wilson
who
won
I've
known
since
the
late
70s
early,
80s,
Tammy
and
I
are
both
from
Lancaster
South
Carolina
and
actually
went
to
high
school
together.
J
I
tell
everybody
I'm
older
than
Tammy,
but
she
and
I
came
together
about
four
years
ago
and
have
formed
a
company
called
Prosperity
Builders,
with
our
focus
on
being
able
to
bring
Workforce
housing
to
to
communities
like
Mount,
Pleasant,
Charleston,
West,
Ashley
areas
that
are
basically
seeing
rents
and
the
price
of
homes
escalating
Beyond.
You
know
what
the
workforce
home
buyer
can
afford
to
to
rent
or
to
buy
real
quickly.
We
completed
our
first
community
Community
I.
Think
a
little.
Over
a
year
ago,
we
brought
36
Workforce
Town
Homes
to
Mount
Pleasant.
J
That
was
very
much
supported
by
Mount
Pleasant
Town
Council.
It
required
a
rezoning
for
some
additional
density
that
that
nasty
d
word
and
actually
they
gave
us
close
to
20
units
to
the
acre
and
we
were
able
to
develop
36
Townhomes
at
all,
as
you
can
imagine,
were
pre
pre-sold
and
there
was
so
much
more
demand
than
Supply,
and
so
we're
excited
to
be
under
construction.
J
We
are
in
the
early
stages
of
going
through
the
TRC
process,
but
big
picture.
Our
goals
are
to
bring
150
newly
constructed
three
bedroom
two
and
a
half
bath,
Town,
Homes
two-point,
hope
of
which
all
150
are
going
to
be
income
restricted
to
households
that
earn
no
more
than
between
80
and
120
percent
of
the
area.
Median
income
and
our
goals
are
to
bring
50
of
those
that
that
are
no
more
than
80
50,
no
more
than
a
hundred
and
fifty
no
more
than
120..
J
So
we
have
been
in
discussions
with
Michelle
Johnson
for
several
years
on
just
trying
to
brainstorm.
How
we
potentially
could
could
partner
with
the
City
of
Charleston
to
you
know,
help
help
the
city
meet
any
kind
of
objectives
they
have
on
Workforce
housing
and,
of
course,
us
being
able,
frankly,
to
be
able
to
pencil
bringing
Workforce
housing.
So
far.
You
know
we
we
don't
we're
not
seeking
any
grants.
We
privately
funded
the
Mount
Pleasant
opportunity,
the
West
Ashley
opportunity.
J
We
have
a
loan
through
the
CRC,
as
Michelle
Johnson
said,
but
actually
we
are
repaying
that
loan
as
down
payment
assistance
and
so
that
loan
is
being
recycled
in
a
way
that
there's
actually
a
good
chance
that
the
CRC
will
actually
be
able
to
recoup.
You
know
a
portion
of
the
loan
that
they
granted
to
us
to
be
able
to
use
for
future
Workforce
opportunities.
J
So
we
had
been
in
some
discussions
about
a
potential
of
trying
to
figure
out
a
way.
Could
we
build
some
new
construction
that
we
potentially
would
sell
to
the
city
at
a
cost?
That
would
be
either
at
or
below
what
our
cost
would
be,
and
then
the
city
actually
have
some
units
that
they
would
own,
that
the
city
could
decide
to
resell,
could
decide
to
rent
and-
and
so
we
have
formulated
an
opportunity
that
basically
says
there.
J
And
what
we
would
be
asking
in
exchange
is,
we
would
be
asking
for
a
loan
equal
to
the
amount
of
those
20.
Town
Homes
would
be
five
million
dollars.
That
loan
would
be
used
solely
for
impact
fees,
hard
costs
for
infrastructure
and
then,
once
we've
completed
all
of
the
infrastructure
and
the
vertical
calls
we
in
turn
would
deliver
to
the
city.
20
completed
Town
Homes
at
250
000
each
to
repay
our
loan.
So
this
this
presentation
that
we
put
together
outlines
some
of
the
the
big
pictures
components
of
that.
J
Think
most
everyone's
familiar
with
Point
Hope
and
the
slide
that
we
have
up
now
is
an
overall
representation
of,
what's
close
to
120
Acres,
with
six
different
communities
that
we
have
presently
under
contract.
In
the
point
hope
area
and
out
of
these
six
communities.
We're
wanting
to
set
aside
and
I,
don't
know
if
you
can
see
my
cursor,
but
we're
wanting
to
set
aside
one
of
the
six
communities
to
be
150
Workforce
for
sale,
townhomes
and
to
give
everybody
somewhat
of
a
bearing.
This
is
Clements
Ferry
Road.
J
This
is
the
existing
lie
where
the
Publix
is,
and
this
is
the
Publix
grocery
store
shopping
center.
So
you
can
see,
one
of
our
communities
is
proposed
to
be
on
the
south
side
of
Clements
Ferry
and
then
the
other
five
communities
would
be
on
the
North
side
again,
I
think
everybody's
very
familiar
with
with
the
community,
so
this
slide
really
just
tries.
To
summarize,
we
propose
to
do
150
for
sale,
Workforce,
Town,
Homes,
restricted
to
80
to
120
Ami
buyers.
J
We
would
place
a
99-year
deed
restriction
that
would
restrict
when
they
resold
they
would
have
to
be
sold
to
buyers
that
earned
it
no
more
than
80
percent
of
the
area
median
income
at
that
time,
and
there
would
be
a
mechanism
that
the
resale
price
would
be
limited
as
well
for
99
years,
which
would
be
primarily
a
function
of
what
they
paid
for
the
town,
home
plus
annual
CPI
increases,
plus
any
improvements
that
they've
made
to
their
town
home.
So
you
know
we're
thinking.
Market
value
for
new
construction.
J
J
The
product
would
be
very
similar
to
what
you
see
before
you
now
in
this
screen.
We
would
be
proposing
the
same
high
quality
finishes
that
we
we
did
at
Gregory
ferry
in
Mount
Pleasant,
and
that
we
will
be
doing
in
West
Ashley
with
nine
foot
ceilings
granite,
countertops,
Etc
and
I
think
Michelle
Johnson.
This
can
be
shared
with
the
committee
after
the
presentation
that
worked,
but
you
can
see
this
is
a
the
floor
plan.
It's
a
three
bedroom
two
and
a
half
bath
actually
has
a
a
primary
bedroom
on
the
main
floor.
J
J
J
So
we
think
you
know
Council
and
the
committee
may
have
an
interest
in
kind
of
seeing
what
are
the
pieces
and
parts
of
why
you
it's
so
difficult
to
bring
Workforce
homes
to
the
community
from
a
private
sector
perspective,
and
then
the
next
slide
begins
to
talk
about
the
highlights
of
what
we'd
be
proposing
some
of
the
more
details
and
then
benefits
of
the
private
public
partnership.
So
with
that
I'll
take
a
breath
and
see
if
there
are
any
questions
or
any
of
the
slides.
B
C
H
That
would
be
an
Avenue
by
which
we
could
actually
purchase
these
units,
because
the
price
point
that
Tony
and
Tammy
are
willing
to
sell
us
these
units
that
are
much
lower
than
what
we
encounter
currently
just
because
of
everything
that's
going
on
in
the
market.
So
it
is
a
below
market
price
that
would
serve
us.
Well,
if
we're
able
to
secure
those.
So
that's
our
plan
currently.
C
Well,
that
sounds
like
that
could
work
and
Mr
chairman.
Let
me
just
thank
Tony
and
Tammy
for
their
partnership
with
us
on
the
point
Verona
or
the
West
Ashley
development,
to
hear
y'all,
to
hear
of
a
private
developer
say
that
they're
working
on
a
a
150
units,
town
homes
for
for
sale
that
are
going
to
be
80
to
100
percent
Ami
I,
don't
know
about
y'all,
but
I'm,
hearing
music
in
these
years.
That's
that's!
That
sounds
pretty
good.
Thank
you.
All.
G
H
J
You
know
as
I
say
that
you
know
the
devil's
in
the
details,
and
so
we've
tried
to
end,
which
you'll
be
able
to
review,
try
to
anticipate
things
like
what
you
just
asked
which
leads
to
well.
When
would
you
deliver
the
town
homes
as
far
as
repaying
the
loan,
so
this
this
one,
you
know,
would
fit
as
we
understand
it
under
the
the
the
city's
expedited
review
under
the
affordable
housing
so
and
we've
worked
real
closely
and
we'll
continue
to
work
very
closely
with
staff.
J
It's
high
land,
it's
good
Sandy
soils,
and
so
you
know
a
lot
of
the
storm
water
matters
that
you
know
we
have
to
address
depending
on
where
we
develop.
We
won't
have
the
extent
of
that.
This
property
is
already
zoned
for
the
proposed
use,
and
so
probably
the
thing
that
will
lead
to
the
the
the
the
the
timing
is.
J
There
is
a
large
Regional
Pump
Station,
that's
going
to
have
to
be
built
to
serve
the
first
250
Acres
of
Point,
Hope,
North,
and
so
we're
anticipating
our
goals
or
to
close
on
the
property
and
potentially
close
them
alone
in
January.
Permit
ready
we're
anticipating
up
to
48
months,
to
get
all
the
infrastructure
in
to
get
this
Regional
Pump
Station
in
and
Bill
and
commissioned
and
operational.
J
So
you'll
see
that
in
the
packet
we
would
be
looking
for
a
48-month
loan,
I
think
we're
proposing
to
deliver
10
units
and
I
think
it's
36
months
and
then
the
remaining
12
and
48.
But
the
the
critical
path
for
that
project
frankly,
will
be
how
long
it
takes
to
get
that
pump,
Station,
built
and
operational.
So
we
can
complete
structure,
construction
and,
as
they
say,
be
able
to
flush
parties
which
is
important
in
our
business.
I
Instead,
what
I
think
makes
this
this
development
unique
to
is
that
all
of
the
families
that
live
here
will
have
access
to
the
full
amenities
for
Point
Hope
right.
So
there's
no
isolation
or
anything
like
that.
The
people
that
live
there
will
have
access
to
all
of
that,
and
then
the
other
thing
that
I
would
say
is
one
of
the
things
that
I'm
proudest
of
with
our
team
is
that
we
do
approach
non-traditional
marketing
opportunities
to
ensure
there's
diversity,
for
example,
for
Bermuda
point:
it's
not
even
in
the
multiple
listing
service.
B
E
J
What
we
do
we're
finalizing
agreement
that
actually
Charleston
Water
will
pay
for
it.
This
this
pump
station
is
part
of
a
much
larger
agreement
with
the
master
developer
of
point
hope
to
provide
sewer
to
the
the
north.
However,
we
have
to
front
a
portion
of
the
money
and
then
get
reimbursed
for
it,
but
it's
in
the
neighborhood
of
a
million
and
a
half
to
two
million
dollar
Pump
Station.
J
We
will
actually
have
to
build
it.
We
are
right
now
we're
actually
designing
it.
We've
already
submitted
plans
to
Charleston
Water
we're
in
the
process
of
waiting
for
comments
back,
but
we
will
plan
it
we'll
permit
it
we'll,
build
it
and
then
get
reimbursed
by
Charleston
water.
After
it's
placed
in
service.
E
Okay,
yes,
that's
the
part
that
I
saw
the
sticky
but
I
think
this
concept
was
just
great
and
I.
Think
I
appreciate
you
and
Ms
Wilson
and
Michelle
Johnson
for
even
bringing
us
before
us.
Let
me
ask
this:
if
you
took
the
same
concept
and
let's
just
say,
let's
say
the
city
had
a
a
track
of
land
that
you
could
put
these
townhouses
on,
that
already
had
the
infrastructure
to
the
property
line.
Could
that
same
concept?
E
E
A
E
If
you
had
water
and
sew
it
to
the
property
line,
that
would
be
greatly
reduced
potential
I'm,
just
taking
a
concept
another
further.
If
you
didn't
have
to
buy
land
and
land
were
given,
it
could
be
a
women
on
on
all
sides,
so
maybe
even
increase
the
profit
model
for
you
all.
By
the
same
token,
bringing
in
a
unit
costs
you
know
very
attractive
price.
J
So
what
what
what
you'll
find
out
the
land
typically
is,
as
in
this
analysis,
shows
the
land
is
typically,
you
know,
10
percentish,
you
know
can
be
as
low
as
five
can
be
as
much
as
15
to
20,
but
but
when
you
look
at
at
what
adds
up
the
the
land
is
not
a
large
component.
What
we've
learned
as
really
land
developers
from
the
day
we
look
at
a
piece
of
property
to
the
day.
You
know
we
call
it
being
from
trees
to
keys
from
the
from
you
just
originally
look
at
something.
J
Do
I
think
I
want
to
do
something
here
to
finishing
it,
our
our
due
diligence
checklist,
probably
has
a
hundred
items
and
and
what
you've
got
to
do
to,
from
our
perspective,
to
really
be
able
to
bring
something
to
the
market
at
a
price
below
what
the
Market's
showing
you
can
be
done.
It's
not
any
one
thing:
it's
it's
it's
and
it's
not
any
two
things:
it's
10
or
12
or
15
things,
the
the
number
five,
the
vertical
hard
cost.
J
That's
probably
the
one
thing
that
you
can
do,
the
least
with,
because
vertical
construction
is
just
what
vertical
construction
is.
So
if
you're
trying
to
deliver
product
at
around
250-
and
you
know
your
vertical-
is
175,
you
know
that
only
leaves
you
seventy
five
thousand
dollars
to
do
all
the
other
things
you
see
on
here,
which
each
of
those
seven
items
has
10
or
20
items
below
there.
So
the
answer,
the
question
is:
maybe
possible,
we're
having
to
pay
at
point
hope.
J
J
We've
got
a
much
larger
community
that
we
can
spread
out,
the
infrastructure
cost
and
the
utility
costs
over
like
800
units
and
so
really
being
able
to
focus
on
this
150
and
then
even
being
able
to
focus
on
the
20.
We've
got
a
scale
that
allows
us
to
really
move
some
knobs
that
it
and
it's
listen.
It's
very
beneficial
to
us
that
five
million
dollars
helps
us
not
have
to
go
out
and
borrow
5
million.
It
helps
us
not
have
to
raise
five
million.
It
is
a
needle
mover
and
then
the
no.
J
We
can
immediately
transfer
those
to
the
city
when
it's
done.
That
is
a
meaningful
savings
to
us
and
the
overall
project.
But
if
there
ever
was
a
desire
to
dive
in
deeper
to
this
slide,
it's
no
magic.
It's
it's!
It's
all
an
Excel
spreadsheet
that
either
adds
up
to
what
you
want
it
to
add
up
to
or
not
we'd
be
interested
in.
Looking
at
anything.
B
H
A
H
K
No,
that's,
okay!
Thank
you!
Miss
Jackson
and
thank
you
Mr
chairman
I,
I,
first
want
to
say:
I
mean
this
sounds
too
good
to
be
true.
That's
what
I
was
thinking
at
first,
especially
with
Miss
Johnson
telling
me
a
few
days
ago
that
our
average
cost.
You
know
we
look
at
about
350
000
a
unit,
so
this
is
great,
so
I
want
to
say
that
first,
that
this
is
I
mean
in
my
time
here
this.
What
you've
done
this?
K
So
when,
when
someone
purchases
these
units
is
there
are
there
deed
restrictions
on
when
they
can
sell
or
how
long
they
have
to
stay,
or
things
like
that
so
I
guess,
my
question
is:
have
have
we
brought
in,
you
know,
sitar
or
any
any
realtor,
any
any
divisions
of
the
real.
You
know
the
Association
of
Realtors
I'm,
just
curious,
because
when,
when
folks
are
buying
below
market
and
then
your
neighbor
is
paying
full
market
value,
you
know
what
ultimately
I
mean
they
could
they
could.
K
K
The
same
amount
of
money
right
that
that
your
neighbor
Lives
four
houses
down
and
they
didn't
know
about
this
unit
or
they
didn't
hear
about-
or
they
don't
know
so
they're
buying
it
at
let's
say
cost
350.,
like
you
said
it
could
range
from
you
know,
a
similar
unit
could
go
for
350
or
close
to
400,
but
this
particular
unit.
These
20
units
are
going
to
sell
for
250..
J
If
we
succeed,
you
know,
unless
you
ask
your
neighbor,
what
your
neighbor
makes
you
know
and
I
guess,
you
could
probably
go
back
and
look
and
see
what
they
priced
them
at.
But
from
our
perspective,
there's
no
concern
for
appraisal
and
then
we
actually
utilized
Carolina
one
new
home
sales.
We
use
you
know
the
largest,
privately
owned
seller
of
new
homes
in
Charleston
and
right
now
on
our
West
Ashley
Community
with
no
marketing
whatsoever.
J
We
have
pre-sold
80
percent
Ami,
we've
pre-sold
100
Ami,
and
we
have
a
list
of
people
waiting
to
be
able
to
go
to
contract
on
120
and
market
rate,
so
the
front
end
side
of
being
able
to
appraise,
and
does
the
buyer
community
and
the
local
broker
community
can
they
understand
and
get
through
this?
The
answer
is
absolutely:
yes,
our
purchase
and
sale
agreements
a
little
more
complex
than
a
standard.
J
It
clearly
spells
out
that
you,
you
know
when
you
get
ready
to
sell,
you've
got
to
contact
Ms,
Shaw,
Johnson's
office
and
Miss
Florence
is
going
to
go
through
and
tell
you
what
what
you're
going
to
sell
it
for
and
she's
going
to
tell
you
how
much
money
that
person
that's
going
to
buy
it
can
make,
and
then
you
can
decide
to
work
with
the
city
on
selling
it.
You
can
decide
to
list
it
with
a
broker
and
sell
it
all.
Those
options
are
there.
J
J
J
The
other
thing
is:
we've
got
three
key
lenders
that
that,
through
their
Community
reinvestment
act
totally
know
you
got
to
look
at
this
differently
and
one
of
our
key
lenders:
United
Community
Bank.
They
have
a
balance
sheet
mortgage
product
for
just
the
80
Ami
buyer.
That's
a
hundred
percent
financing,
30-year
pni
fix
no
PMI
and
the
rate
is
normally
25
to
50
basis,
points
below
market
and
really
the
buyer.
They
have
to
have
a
670
on
their
credit
score
and
their
their
ratios
have
to
work
out.
J
But
we
had
a
number
of
our
Gregory
Ferry
80
buyers,
utilize
that
that
and
that's
a
balance
sheet
product
that
UCB
keeps
on
their
own
books
and
even
where
rates
are
today,
we've
got
three
pre-qualified
80
percent
buyers
without
even
trying.
So
it's
probably
Beyond.
This
call
and
we
we'll
talk
all
day
long.
If
you
folks
want
to
hear
all
the
different
knobs
it
takes,
but
we
think
we've
got
a
kind
of
interesting
mousetrap
here
and
would
love
to
have
an
opportunity
to
shoulder
with
the
city
on
this
opportunity.
Yeah.
K
Thank
you
for
clarifying
that
that
helps
a
lot
and
it's
incredible.
Miss
Johnson.
Do
you
know
what
percentage
of
that
so
even
on
these
units
and
on
the
ones
in
West
Ashley
that
that
I
think
he
said
they're
about
80
sold?
Do
we
know
how
many
you
know,
city,
employees
or
or
Workforce
teachers?
You
know
those
type
of
numbers
are.
Are
we
pulling
in
that
80
percent.
H
I
do
not
know,
and
Florence
is
not
on
this
call.
We
did
a
couple
of
special
events
for
city
of
Charleston
employees
at
the
library
across
the
street.
From
our
offices
we
had
Friday
lunch
and
learns
is
what
we
call
them,
because
we
wanted
to
give
additional
attention
or
additional
opportunity
to
City
of
Charleston
employees.
I
can
certainly
get
you,
those
numbers,
Tammy
I,
don't
know.
H
K
K
B
G
Yeah
I
thought
that
was
a
great
question,
so
those
units
will
remain
affordable
for
what
99
years.
If
I
heard
you
correctly-
and
this
is
for
Michelle
Johnson,
so
will
the
financing
be
similar
to
what
we
do
in
longborough
I
mean,
for
instance,
in
Long
Borough?
If
there
is,
is,
if
there's
a
gap?
Okay
generally,
the
city
would
fill
the
gap
in
terms
of
financing
and
if
they
do
decide
to
sell
during
a
certain
period
that
Gap
financing
would
have
to
be
paid
back,
am
I,
correct.
H
It
is
based
on
the
increase
in
either
CPI
or
Ami,
and
so
usually
that
allows
the
buyer
to
get
some
level
of
return.
Any
money
that
the
city
has
invested
is
literally
transferred
to
the
subsequent
buyers.
So
ours
doesn't
come
out.
It
stays
is
what
we
call
permanent
subsidy.
Okay,
I
think
that
answers
your
question.
I.
E
B
I'm
trying
I'm
trying
I'm
recognized,
we
hope
you
don't
have
any
other
questions
I'd
like
to
thank
you
all
and
Tony
and
Tammy
for
coming
and
doing
this
presentation.
It
was
a
lot
of
information
that
we
received
and
we
can
take
this
under
consideration
very
seriously,
because
we
here
the
city
is
very,
very
interested
in
in
as
many
affordable
housing
as
we
can.
We
really
sought
for
the
community
because
we
need
it.
You
know
things
have
changed
so
much
and
the
price
wise
is
I,
couldn't
see
it
I.
B
Couldn't
you
know
right
now
that
people
couldn't
buy
houses
here,
but
with
that
formula
to
be
using
that
could
even
get
permit
them
to
be
able
to
buy
houses
and
stay
on
the
peninsula
as
long
as
we
can
keep
it
diverse
and
keep
it
that
way,
that
would
show
a
great
deal
and
but
the
model
that
way
the
model
can
be
transferred.
Someplace
else
you
see,
those
are
things
I
look
at
very
seriously,
so
if
we
don't
have
any
is
there's
no
other
business.
B
G
B
B
K
I
met
councilmember
Gregory,
not
to
put
you
on
the
spot,
but
does
it
need
to
come
to
a
different
committee
if
we're
talking
about
using
atax
for
other
things
as
well,
but
just
we
councilmember
Gregory
if
I'm
putting
you
on
the
spot.
But
if
you
remember
my
conversation,
it's
about,
we
had
initiated
atax
for
coming
back
to
use
for
I,
think
on
other
affordable
housing
initiatives,
but
I'm
talking
about
just
getting
more
a
tax
money
back,
you
know
to
the
city.
Would
that
need
to
go
through
another
committee.
B
H
L
B
L
G
K
B
E
Yeah,
just
just
to
follow
up
on
Miss
Parker,
I
guess:
I'm
gonna
take
council
member
Ross,
Appel
bringing
you
know
so.
I
I
keep
mixing
up
the
ACT
number,
but
act
234
of
236
236.
Thank
you
we're
the
income,
my
understanding
that
Greenville
actually
has
a
a
city
B
on
hotel
rooms.
I
think
there's
been
some
discussion
around
that,
but
and
what
environment
is
going
to
be
the
Community
Development
Committee
or
the
on?