PUBLIC NOTICE City of Raleigh P.O. Box 590 Raleigh, NC 27602 NOTICE OF INTENT TO LEASE 111 & 116 e. lEE sTREET, 1102 s. pERSON STREET, 1000, 1125, 1129 & 1131 GREGG STREET, 1116 SPAULDING STREET, 911 E. EDENTON STREET FOR AFFORDABLE RENTAL HOUSING Pursuant to G.S. 160A-278, the City Council of the City of Raleigh intends to consider for adoption a resolution at its regular meeting on July 1, 2025 authorizing the lease of land located at 111 & 116 E. Lee Street, 1102 S. Person Street, 1000, 1125, 1129 & 1131 Gregg Street, 1116 Spaulding Street, and 911 E. Edenton Street, for a proposed 25-unit scattered-site affordable housing rental development that will benefit low- and moderate-income households. Any lease executed pursuant to the resolution, shall be exercisable only pursuant to the terms of an option to lease granted to Low Income Investment Fund, a California nonprofit public benefit corporation, together with their successors, assigns, nominees, or designees, which option shall be contained in and shall be pursuant to the terms of a lease between the City and Southeast Raleigh Promise Housing LLC, or an affiliated entity (the "SERP Lease"). If the option is exercised, which can only occur in the event of a termination of the SERP Lease, the lease shall be for the term commencing on or around the termination of the previously authorized lease of the property with Southeast Raleigh Promise Housing LLC and will last for the remainder of the 75-year lease term on the same terms and conditions of the previously authorized lease, including the $1.00 per year consideration. Description of properties to be leased: 111 E. Lee Street (PIN: 1703744430), 116 E. Lee Street (PIN: 1703744225), 1102 S. Person Street (PIN: 1703840245), 1000 Gregg Street (PIN: 1713046514), 1125 Gregg Street (PIN: 1713038903), 1129 Gregg Street (PIN: 1713038808), 1131 Gregg Street (PIN: 1713038802), 1116 Spaulding Street (PIN: 1713038897), 911 E. Edenton Street (PIN: 1713192377) totaling approximately 1.24 acres. Value of the properties: Estimated at $2,160,000 based on present tax valuation set by Wake County Tax Administration. If you have questions, please contact annie.baumann-mitchell@raleighnc.gov or (919) 996-6948. IPL0245494 Jun 20 2025