The City of Chattanooga will soon be the owner of the 36-acre former Harriet Tubman housing site in East Chattanooga.
Chattanooga Housing Authority board members voted unanimously to accept a $2.6 million cash offer from the city.
"I don't want to hold this community hostage any longer," CHA board chairman Eddie Holmes said during discussion.
CHA officials have been trying to sell the Tubman site, at 1800 Roanoke Ave., for more than two years.
Tubman was once home to more than 440 families.
There were four bids ranging from $1.5 million to $3.3 million under consideration: Chattanooga's initial bid of $1 million plus a 20-acre tract of land; Chicago-based Lakewood Realty's bid of $3.3 million along with $100,000 cash at the time of sale; local developer Geoffrey Singer's offer of $1 million; and a late proposal from Detroit-based American Community Developers whose final purchase price depends on approval of housing vouchers and tax credit.
Chattanooga also offered the $2.6 million cash alternative.
The Chattanooga City Council must approve the deal.
CHA officials have said that the U.S. Department of Housing and Urban Development requires that the property be sold for at least $2.46 million.
Read more in tomorrow's Times Free Press.