LEGISLATIVE ACTION ITEM
SPONSOR: Ashton J. Hayward, III, Mayor
SUBJECT:
title
APPROVAL OF REAL PROPERTY PURCHASE - 605 WEST INTENDENCIA
end
RECOMMENDATION:
recommendation
That City Council approve the property purchase and sales agreement for the purchase of real property located at 605 West Intendencia, parcel reference number, 000S009070036041, account number 152164000 located within the footprint of Corinne Jones Stormwater Park from Randall A. Seaward in the amount of $121,091.70 plus closing costs and appraisal fee of $774.45 for a total of $121,866.15. Further that City Council authorize the Mayor to negotiate and execute all necessary documents related to the purchase of the property. Finally, that City Council approve a Supplemental Budget Resolution appropriating funds for the purchase of the property.
end
body
HEARING REQUIRED: No Hearing Required
SUMMARY:
The unimproved property located at 605 West Intendencia, which lies within the footprint of Corinne Jones Stormwater Park is currently listed for sale with Seville Square Realty for $199,900. Approximate acreage of the parcel is 0.0900, the parcel is zoned C-3 and adjacent parcels are city-owned. To facilitate the purchase of the property, a fair market value appraisal performed by an independent MAI certified appraiser was obtained reconciling an overall value of $120,244.
City Council authorized the Mayor to pursue the acquisition of the property which resulted in a sales price of $121,091.70 and the buyer paying closing costs except for deed documentary stamp fee and realtor commission. Acquisition of this parcel will increase public access and recreational opportunities within the park. Previous attempts to purchase this parcel were met with negative results.
PRIOR ACTION:
September 13, 2018 - City Council authorized the Mayor to pursue the acquisition of property located at 605 W Intendencia, which lies within the footprint of Corinne Jones Park and authorized a property appraisal be done on this property.
FUNDING:
Budget: $ 122,000.00
Actual: $ 121.091.70 Land Purchase
324.45 Estimated Closing Costs
450.00 Appraisal Fee
$ 121,866.15 Total Estimated Cost
FINANCIAL IMPACT:
Approval of the Supplemental Budget Resolution will appropriate funds in the CRA Series 2017 Project Fund for the purchase of the property.
CITY ATTORNEY REVIEW: Yes
10/26/2018
STAFF CONTACT:
Keith Wilkins, City Administrator
Rebecca Ferguson, Economic Policy Coordinator
ATTACHMENTS:
1) 605 W INTENDENCIA - Land Contract
2) 605 W INTENDENCIA - Appraisal
3) 605 W INTENDENCIA - Map
4) 605 W INTENDENCIA - Parcel record
5) Supplemental Budget Resolution
6) Supplemental Budget Explanation
PRESENTATION: No end