Title
Resolution Authorizing Purchase of Property Located at 116 East Market Street for Greensboro Department of Transportation Parking Deck Facility
Body
Department: Engineering & Inspections
Council District: 3
Public Hearing: N/A
Advertising Date/By: N/A
Contact 1 and Phone: Adam Fischer 336-373-2861
Contact 2 and Phone: Kenney McDowell 336-373-4578
PURPOSE:
The Property Management Section of the Engineering & Inspections Department is in the process of purchasing the entire property located at 116 East Market Street, parcel #0000005, for a planned City Parking Deck Facility. City Council approval is requested for the purchase of this property.
BACKGROUND:
The Greensboro Department of Transportation has requested the purchase of property with a building located at 116 East Market Street to construct a parking deck facility.
The subject property is owned by BMF Capital Holdings, LLC. The property was appraised by Dick Foster, MAI of Foster Appraisal Services, Inc. with a value of $1,070,000. The owner has agreed to sell the property for the negotiated amount of $1,025,000.
The property is zoned CB (Central Business). The size of the property is 8,808 Sq. Ft. (.20 acres). The building is 13,725 Sq. Ft.
BUDGET IMPACT:
Funding in the amount of $1,025,000 for this purchase will be budgeted in 546-4510-01.6011.
RECOMMENDATION / ACTION REQUESTED:
The Property Management Section of the Engineering & Inspections Department recommends that City Council approve and authorize the purchase of the entire property located at 116 East Market Street.