Title
Resolution Authorizing Sale of One Hundred Forty Square Feet of Real Property to the Abutting Property Owner, N Club, LLC for purposes of Recombining Said Real Property with the Adjacent Real Property Located at 117-119 S. Elm Street
Body
Department: Legal
Council District: 3
Public Hearing: N/A
Advertising Date/By: N/A
Contact 1 and Phone Tom Carruthers, Ext 2002
Contact 2 and Phone: David Parrish, Ext. 2002
PURPOSE: The City of Greensboro (the "City") desires to sell one hundred forty square feet of real property (the "Tract") that is a portion of the City property located at 112 E. Market St. (designated as Parcel #0000004) to N Club, LLC, for purposes of N Club, LLC recombining the said one hundred forty square feet of real property with the property located at 117-119 S. Elm St. (designated as Parcel #0000013). The Tract will be subject to a "no build" easement for the first 15 feet in height (the "No Build Area") in order to preserve the easement rights granted by City Council concerning pedestrian and vehicular access. The air rights above the No Build Area are of no additional public purpose and it is desirable to sell the Tract subject to the no build easement as "excess". This sale will promote a more orderly and coordinated system of development by allowing the property owner at 117-119 S. Elm St. to expand its business while maintaining a pedestrian pathway for patrons entering and exiting the back of the buildings along the east side of the 100 block of S. Elm St. Fair Market Value ($840) was determined and computed on the basis of a competent and disinterested appraisal by Dick Foster, MAI of Foster Appraisal Services, Inc., which valued the appraised property at Six Dollars per square foot.
BACKGROUND: The City was approached by N Club, LLC based on its desire to expand its business in connection with the proposed development of the February One Downtown Development Project. Pursuant to the Settlement and Release of All Claims d...
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