Title
Resolution Authorizing the Purchase of Property Located at 201 North Eugene Street from Guilford County for the Eugene Street 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 201 North Eugene Street (parcel #0001799) for the planned City Eugene Street Parking Deck Facility. City Council approval is requested for the purchase of this property.
BACKGROUND:
The Greensboro Department of Transportation has requested to purchase parking lot property and a property with a building located at 201 North Eugene Street to construct a parking deck facility.
The subject property is owned by Guilford County. The property was appraised by Dick Foster, MAI of Foster Appraisal Services, Inc. with a value of $6,020,000. The owner has agreed to sell the property for the negotiated amount of $5,500,000.
The property is zoned CB (Central Business). The size of the property is 113,256 Sq. Ft. (2.6 acres). The building is 93,451 Sq. Ft.
BUDGET IMPACT:
Funding in the amount of $5,500,000 for this purchase will come from the Parking Facilities Bond Fund account #546-4520-01.6011. A budget adjustment is required to move funds to the correct account.
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 201 North Eugene Street for the negotiated price of $5,500,000.