Little Rock lots' sale on agenda today; board to decide on city’s selling of subdivision for $160,000

Plans to purchase and develop 80 city-owned lots in Little Rock's Rolling Pines subdivision will go before the city Board of Directors for approval today.

Jose Antonio Rodriguez offered to purchase the property for $160,000. His offer has been recommended by the city's Land Bank Commission to the board for final approval.

Rodriguez is proposing to pay cash for the property and plans to build 10 houses within the next two years, with more to follow within the next 15 years, according to his application.

He didn't submit a development plan or proof of development financing. He is not a licensed contractor or residential property developer, according to his application.

"Once bid is approved, I will consult with a builder for construction details and development costs," Rodriguez wrote in the application.

The Rolling Pines property -- an area off Sardis Road south of the Interstate 30-Interstate 430 interchange -- was donated to the city in 2005. The lots are on Clay Street and on Woodland and Marietta drives.

The property was re-platted in 2013 to make bigger lots that are better-suited for building houses. Lot sizes range between 7,000 and 19,000 square feet and average 12,000 to 15,000 square feet. A typical city lot is 7,000 square feet.

In all, the city has less than $40,000 invested in the property. It has paid almost $22,000 in real estate taxes over the years and paid a $16,000 final plat fee when changing the lot sizes.

"Selling underutilized parcels of property is an efficient and cost effective means of reaching the city's revitalization goals," a memo to the Board of Directors said.

If approved by the board today, a Bill of Assurance would be attached to the purchase contract that would require developers to abide by certain provisions.

[EMAIL UPDATES: Get free breaking news alerts, daily newsletters with top headlines delivered to your inbox]

Those include allowing only one single-family home per lot and banning manufactured or mobile homes. The covenant would be binding for 30 years and then extended in 10 year increments unless a majority of the lots' owners agreed to a change.

"This is a good success for the Land Bank. This property had been for sale awhile," said Doug Tapp, the city's redevelopment administrator.

"The Land Bank's goal is to reverse blight and increase homeownership through the acquisition and disposition of vacant, abandoned, tax-delinquent and city-lien property," he said. "The Land Bank sells side lots to adjacent homeowners and also donates vacant lots to various organizations. In addition the city rehabs houses and sells them for what they have in it to promote revitalization in the area."

Tapp said the Land Bank Commission hopes to use the funds from this sale to further revitalize other properties around the city.

Rodriguez declined to comment on his plans to develop the subdivision until after the sale is finalized. He said he will pay cash for the property by selling certificate of deposits, similar to savings accounts, that he has at his bank.

In an email to the city, Rodriguez said he started a company called Rolling Pines REI LLC to purchase and develop the site. Rodriguez is a group financial analyst director at Stewart Title Co.

Metro on 01/17/2017

Upcoming Events