Title
Resolution Approving Appraisal in the Amount of $55,000 and Authorizing the Acquisition of Property Located at 105 College Road for the West Market Street/College Road Intersection/Sidewalk Project
Body
Department: Engineering & Inspections
Council District: 5
Public Hearing: N//A
Advertising Date/By:
Contact 1 and Phone: Ted Partrick, 373-2302
Contact 2 and Phone: Adam Fisher, 373-2861
PURPOSE:
The Property Management section of the Engineering & Inspections Department is in the process of acquiring right of way and easements for the West Market Street/ College Road Intersection/Sidewalk Project. City Council approval is requested for the acquisition of this property.
BACKGROUND:
The Transportation Department has an approved Roadway Intersection/Sidewalk Improvement project on West Market Street and College Road. The intent of this project is to improve the intersection for better traffic flow and to update pedestrian walkways. Construction is scheduled to start in early 2016.
The subject property is located at 105 College Road, parcel #0075701. It is owned by Timothy Terrell. The property to be acquired was appraised by Tonya Brady of McNairy & Associates with a value of $55,000.00. The property value impact of installing a new sidewalk at the building wall and the loss of parking is included in the appraisal. The owner has agreed to accept the appraised value.
The property is zoned C-M (Commercial-Medium). The right of way taking is 603 Sq. Ft., (0.01 acres), Permanent Slope Easement of 437 Sq. Ft., (0.01 acres) and Temporary Construction Easement of 549 Sq. Ft., (0.01 acres).
BUDGET IMPACT:
Funding in the amount of $55,000.00 for this acquisition is budgeted in Account #401-4547-01.6012, Activity #A11168.
RECOMMENDATION / ACTION REQUESTED:
The Property Management Section of the Engineering & Inspections Department is recommending the approval of this purchase in the amount of $55,000.00.
Agend...
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