Title
Resolution Authorizing Purchase of Property Located at 2901-2905 Charolais Drive, from Erik, James & Elizabeth Paskalides, for the Lynwood Lakes Water & Sewer Project
Body
Department: Engineering & Inspections
Council District: N/A
Public Hearing: N/A
Advertising Date/By: N/A
Contact 1 and Phone: Kenney McDowell 373-2302
Contact 2 and Phone: Ted Kallam 373-2302
PURPOSE:
The Property Management Section of the Engineering & Inspections Department purchased easements at 2901-2905 Charolais Drive, Guilford County Parcel #0134456 (which is a vacant lot) for a sewer line installation. Due to the location of the sewer line and permanent utility easement, the property lost value and is no longer a buildable lot. City Council approval is requested for the purchase of the property in its entirety.
BACKGROUND:
The Lynwood Lakes Water and Sewer Line Extension project consists of 30,000 feet of sewer and 27,000 feet of water line in Southeast Guilford County. The project is one of the projects included in the agreement dissolving the City-County water and sewer trust fund approved by Council on August 6, 2012.
The subject vacant lot was appraised by Foster Appraisal Services, Inc. December 5, 2012, for the necessary easements required for the sewer line installation. A value of $5,700 was given for the easements. The owner accepted the appraised amount and the owner was paid in 2013. After the sewer line construction was completed, the owner attempted to sell the vacant lot at fair market value. A potential buyer terminated the contract during the due diligence period when they discovered that easements encumbered the portion of the lot suitable for building. The lot is 1.52 acres but much of the area is now encumbered by a stream buffer and a permanent utility easement, leaving the lot unsuitable for building.
Foster Appraisal Services conducted a new appraisal in July of 2017 on the entire parcel to determine the value of the land if it were a buil...
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