Title
Resolution Authorizing Purchase of Property in its Entirety Located at 2901 E. Market Street from Triman, LLC for the Lowdermilk Street/Sykes Avenue Realignment Project
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 373-2883
PURPOSE:
The Property Management Section of the Engineering & Inspections Department is in the process of acquiring right of way and easements for the Lowdermilk Street/Sykes Avenue Realignment Project. City Council approval is requested for the purchase of this property.
BACKGROUND:
The Greensboro Department of Transportation has approved the Lowdermilk Street/Sykes Avenue Realignment Project on behalf of the North Carolina Department of Transportation (NCDOT) Rail Division. This project will realign Sykes and Lowdermilk to intersect at East Market and close Pine Street's railroad crossing (from East Market to Greensboro Street) in order to improve railroad crossing safety.
The subject property is located at 2901 E. Market Street, parcel #0022033, and is currently an investment property with three apartments. This property is owned by Triman, LLC. The property was appraised by Sheri Colvin of Colvin, Sutton, Winters and Associates and was valued at $90,000. After negotiations, the City agreed to pay $175,000, which included loss of income for three years and an increase in the appraised amount.
The property is zoned RM-18 (Residential Multi-family). The required right-of-way purchase requires a total take of the property, which includes 6,969 Sq. Ft. or 0.16 acres, and a 2,223 Sq. Ft. multi-tenant building.
BUDGET IMPACT:
Funding in the amount of $175,000 for this purchase is budgeted in the 2008 GDOT Bond Fund, Account Number 471-4503-02.6012 A18052.
RECOMMENDATION / ACTION REQUESTED:
The Property Management Section of the Engineering & Inspections Department and the...
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