Title
Resolution Authorizing Purchase of a Portion of Property Located at 121 South Elm Street from Millennium Resource Alternatives, LLC for a City 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: Ted Kallam, 336-373-2883
PURPOSE:
The Property Management Section of the Engineering & Inspections Department is in the process of purchasing a portion of the property located at 121 South Elm Street (parcel #0000012) 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 located at 121 South Elm Street to construct a parking deck facility.
The subject property is owned by Millennium Resource Alternatives, LLC. The property was appraised by Dick Foster, MAI of Foster Appraisal Services, Inc. with a value of $35,328. The owner has agreed to sell the property for the negotiated amount of $38,860.
The property is zoned CB (Central Business). The size of the property to be purchased is 1,472 Sq. Ft. (0.0338 acres).
BUDGET IMPACT:
Funding in the amount of $38,860 for this purchase will be budgeted in Parking Facilities Operating Fund Administration Account #543-4530-01.6011. Charges will be moved to the Parking Facilities Bond Fund when that funding becomes available. A budget adjustment is required to move funds into the appropriate account.
RECOMMENDATION / ACTION REQUESTED:
The Property Management Section of the Engineering & Inspections Department recommends that City Council approve and authorize the purchase this property and approve the associated budget adjustment.