CR 90-222 Sale Property 11th Ave
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. September 11, 1990 OPK"" Council Report:90-222
SALE OF PROPERTY AT 11TH AVENUE & COUNTY #3
BY THE CITY TO THE HRA
R~pose~ Action.
staff recommends adoption of the following motion: ilMove tQ._.sl~
.th@. City Manager and Mayer. to enter. intQ.. a", P.!J~ch...a~gr~~ment wit.h.. th.~
BRA f..~the pU;I;.chase of .J2.roper1:;y a~ :tbe CQ.rn..~LQLJ~
{iOU1.1ty ~OM ~. n
The sale of this property to the HRA will provide more opportunity to
utilize it in any redevelopment of the area.
gyervle1( .
At the last Council meeting in Saptember the City Council supported
this sale of property to the HM. In October the HRA took formal
action on the above motion. The City Council is now being asked to
take similar action.
staff has determined that the HRA would only need to acquire
approximat.ely 31,270 square feet. for the purpose of facilitating
development on the site. As part of the sale ths BRA would execute a
convenant agreeing to provide all necessary easements to the City or
. County as might be determined necessary.
tt<l..ry I.,u.e. to C9nad4or ~
o What is the rationale behind this proposed sale?
o What is the Fair Market Value?
o What future stepB are necessary to complete this sale?
o What are the funding sources for the sale?
Ju~~rt~gg Intormll:tm.L
o Location map of the site
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'-;':,: Dr an Fr IPs ng
~~r. :' Economic DevelQpment Specialist
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. CR: 90-222
Page 2'
U~rv Issue.. ..fo C(m~id.r;
Based. on the information above the City Council has the following
issues to consider:
o What is the rational behind this proposed sale?
The reason why the property is proposed to be sold is that as a part I
of the city Hall remodeling projectl the City Council agreed that the '
land in question would be sold to assist in providing revenue to the
general fund for assisting in the project.
This property is intended to be sold to the BRA for the following
reason:
- The BRA is the entity which by state statute is authori2led to
undertake development projects within the City. As such I the
BRA has more legal ability to deal with the property.
o What is the Fair Market Value?
. The: property was recently appraised by an ind,ependent appraiser at
. $6.50 a square foot. This appraisa.l would result in a sale to the liRA ",
t.or approximately $203,000. The City is haviny the company who
oompleted an older survey on the property as a whole, provide a legal
description of the subject property. This will produce an accurate
squarQ footage to determine the sales price~
o What future steps are necessary to complete this sale?
If the motion is made to purchase this property, the fOllowing steps
need to be completed prior to this sale being finalized. They are as
follows:
1. Completion of survey to detail exact squar~ footage.
2. Execution of purchase agreement.
3. It i& anticipated the closing will occur sometime in December.
o What is the funding source f04 tha sale?
f1ax Increment qenarated from TIF district 2-1 will be: utilized to
purchase this property. At the present time the balance in this
acoount is approximately $170,000. An additional $90tOOO will be
recsivedfrom the County prior to the closing on the sale.
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. CR: 90-222
pa.ge 3
ut,rl\&~iv'l.
Based on the information providsd above the City Council has the
following alternatives to consider:
1. Move to authorize the Executive Director and Chairman to enter
into a purchase agreement for the purchase of property at the
corner of 11th Avenue and County Road 3.
2. Direct staff to provide further information on this item.
3. Direct staff to take no further action an this item at this
time.
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