City of Raleigh Agenda Regular Meeting 2026-06-16
Raleigh Advances Affordable Housing with Local Post
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Description
Raleigh City Council approved a $1,239,762 loan and 75-year land lease with Copernica Properties, LLC (Local Post) to develop 28 affordable rental units on East Cabarrus redevelopment sites.
Contract Details
Contract Amount
$1,239,762 ($1,000,000 in bond funds + $239,762 in designated funds)
Vendor
COPERNICA PROPERTIES LLC DBA LOCAL POST
Agency
Raleigh Water, NC
Contract Type
OTHER
Document Date
June 16, 2026
Contract Term
Land lease for at least 75 years
Renewal Date
2101-06-16
Renewal Info
Initial ground lease for 75 years; terms may provide for negotiation of extensions or modifications as per adopted resolution.
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