Title
Resolution Authorizing the Purchase of Property in the Amount of $110,000, Located at 1097 Alamance Church Road from ADG Properties 1, LLC, for the Alamance Church Road Improvements Project
Body
Department: Engineering & Inspections
Council District: 1
Public Hearing: N/A
Advertising Date/By: N/A
Contact 1 and Phone: Kenney McDowell 336-373-2302
Contact 2 and Phone: Ted Kallam: 336-373-2302
PURPOSE:
The Property Management Section of the Engineering & Inspections Department is in the process of purchasing property for the Alamance Church Road Improvements Project. City Council approval is requested for the purchase of this property.
BACKGROUND:
The Engineering Department has approved the purchase of property for the Alamance Church Road Improvements Project. The Department is proposing the purchase of this property to provide for multi-lane widening with curb, gutter and sidewalks on both sides of Alamance Church Road between Martin Luther King Jr. Drive and the Greensboro City limit.
The subject property is located at 1097 Alamance Church Road, parcel #0052582. This property is owned by ADG Properties 1, LLC. The property to be purchased was valued at $90,000 by LR Appraisals, a certified independent appraiser. After negotiations the owner agreed to accept $110,000.
The property is zoned GO-M, Office. The required property consists of 33,541 Sq. Ft. (0.77 acres).
BUDGET IMPACT:
Funding, in the amount of $110,000 for this purchase is budgeted in the 2008 Transportation Bond Fund, Account #471-4502-17.6012 A17103.
RECOMMENDATION / ACTION REQUESTED:
The Property Management section of the Engineering and Inspections Department recommends the approval of the purchase of property located at 1097 Alamance Church Road.