Title
Resolution Purchasing a 10 Year Temporary Construction Easement Located at 429 431 North Cedar Street from A&M Enterprises of Guilford, LLC for the Downtown Greenway
Body
Department: Engineering & Inspections
Council District: 3
Public Hearing: N/A
Advertising Date/By: N/A
Contact 1 and Phone: Kenney McDowell, 336-373-2302
Contact 2 and Phone: Ted Kallam, 336-373-2302
PURPOSE:
The Downtown Greenway, a public/private project of the City of Greensboro and Action Greensboro, has a section along Smith Street in Phase 3C of The Greenway. The Property Management Section of the Engineering & Inspections Department is in the process of purchasing a 10 year temporary construction easement for the Downtown Greenway Phase 3C project from A&M Enterprises of Guilford, LLC. City Council approval is requested for the easement agreement for this property at 429 431 N. Cedar Street, Parcel #0001831.
BACKGROUND:
The Downtown Greenway requires closure of the exit ramp from Cedar Street onto Smith Street. As a result of the street closing, a turnaround for fire trucks is necessary and an existing home must be demolished. Previous acquisitions on this property for the Greenway included a turnaround that, upon inspection by the Fire Department, was inadequate and required an additional purchase of 894 square feet of right of way.
In lieu of the City paying the owner for the home in one installment, the owner has agreed to a temporary construction easement on the RM-18 zoned area of the parcel, containing 8,608 square feet (.645 acres). The parcel is divided between Light Industrial and Residential Multi-family 18 zonings and the 10 year temporary construction easement agreement is for the RM-18 section of the parcel only. ($1,000 per month; maximum cost of $120,000). This will offset the loss of rental income from this property but lessen the tax implications for the owner. Ten years is the maximum term of this agreement; however, if the owner decides to develop the property after the Greenway is constructed, but during the 10 year period, this agreement will become null and void. The agreement will commence July 1, 2018 and last no longer than June 30, 2028. Payment for the right of way will be handled in a separate transaction.
BUDGET IMPACT:
Funding for Year 1 of the contract will be paid from 2008 Transportation Bond Fund Account #471-4502-18.6012 A15130. Future year payments will come from available bond funds.
RECOMMENDATION / ACTION REQUESTED:
The Property Management Section of the Engineering & Inspections Department recommends that City Council approve this easement agreement for the Downtown Greenway.