Title
Resolution Authorizing Sale and Redevelopment of the Renaissance Center
Body
Department: Legal
Council District: 2
Public Hearing: April 15, 2014
Advertising Date/By: April 3, 2014 and April 10, 2014
Contact 1 and Phone: Tom Carruthers, Interim City Attorney, ext 2320
Contact 2 and Phone: Chris Wilson, Interim Assistant City Manager, ext 2002
PURPOSE: To sell Parcel A and provide an option to purchase Parcel B, both of which are a portion of property located at 2521/2523 Phillips Avenue to Self Help Ventures Fund pursuant to a redevelopment contract. Parcel A of this land consists of approximately 5.35 acres and is valued at $490,000. Parcel B consists of approximately 2.56 acres and is valued at $167,000.00. The option to purchase Parcel B must be exercised within three years of the closing on Parcel A.
BACKGROUND: Redevelopment activities at the Renaissance Center are intended to build on the community-driven 2003 Neighborhood Center Report, which envisioned a mix of business, government, and community activities on the site that would provide quality one-stop shopping and dining, life-long learning and recreation, all-purpose health care, and family fun.
The original 9.7+-acre property was purchased in January 2008 to provide land for construction of the new McGirt-Horton Library. Library bond funds, Community Development Block Grant (CDBG) funds and local neighborhood renewal bond funds were used for the $1.25 million site purchase.
The EDBS office publicly requested proposals for redevelopment of this facility during October, 2013. They received one proposal from Self Help Ventures Fund on November 1, 2013.
Both Parcel A and Parcel B is a portion of the 9.76 acres described in Deed Book 6839, Page No. 1520, of the Guilford County Registry, excepting the portion of the property which is the McGirt-Horton Library tract. This sale and renovation is pursuant to Section 160A-457 of the North Carolina General Statutes ...
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