Title
Resolution Authorizing Purchase of Property Located at 117 East February One Place, 112 East Market Street, 114 South Davie Street, 122 South Davie Street, and 119-121 East February One Place
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 117 East February One Place (parcel #0000009), 112 East Market Street (parcel #0000004), 114 South Davie Street (parcel #0000006), 122 South Davie Street (parcel #0000007), and 119-121 East February One Place (parcel #0000008) 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 parking lot property and a property with a building located at 117 East February One Place, 112 East Market Street, 114 South Davie Street, 122 South Davie Street, and 119-121 East February One Place to construct a parking deck facility.
The subject property is owned by 101 South Elm Street LLC. The property was appraised by Dick Foster, MAI of Foster Appraisal Services, Inc. with a value of $976,390. The owner has agreed to sell the property for the negotiated amount of $1,171,668.
The property is zoned CB (Central Business). The size of the property is 29,184 Sq. Ft. (.67 acres). The building is 858 Sq. Ft.
BUDGET IMPACT:
Funding for the land purchase will come from the following account:
$1,108,993 New Parking Facilities Fund account 546-4510-01.6011 A17132
$62,675 Parking Facilities Operating Fund account 543-4530-01.6011 A17115
$1,171,668
A budget adjustment is required to move funding into the appropriate account.
RECOMMENDATION / ACTION REQUESTED:
The Property Management Section of...
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