Title
Resolution Authorizing the Sale of Property Located at 4213 Yanceyville Road to the North Carolina Department of Transportation for the Urban Loop
Body
Department: Engineering & Inspections
Council District: 2
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 and Inspections Department is in the process of selling a portion of 4213 Yanceyville Road, Parcel #0091142 to the North Carolina Department of Transportation (NCDOT) for the Urban Loop.
BACKGROUND:
The subject property is designated drainage way and open space and the sale was approved by Parks and Recreation. The Margin Tract/future Right of Way requested by NCDOT of 18,403 Sq. Ft. (.422 acres) will be used for the sole purpose of constructing a 6-lane, 46’ median divided freeway (a/k/a Greensboro Eastern Loop), from US 29 (Future I-785) to east of SR 2303 (Lawndale Drive), with an approximate length of 4.7 miles. The property is zoned Residential, Multifamily - CD-RM-12.
NCDOT prepared a Claim Report in which to base the offer, using the current tax value per acre of $14,792.28 ($14,792.28 x .422 = $6,242.34, rounded to $6,250). City Council approval is required for this sale of property.
BUDGET IMPACT:
The proceeds from the sale of this property in the amount of $6,250, will be credited to the Sale of Real Estate Account, Account #101-0000-00.8616.
RECOMMENDATION / ACTION REQUESTED:
The Property Management Section of the Engineering & Inspections Department recommends the approval of this sale of property.