Title
Grant of Water and Sewer Easement to CPLC Broadway and Central LIHTC, LLC Across City-owned Property North of Broadway Road and West of Central Avenue (Ordinance S-50653)
Description
Request to authorize the City Manager, or his designee, to grant a water and sewer easement to CPLC Broadway and Central LIHTC, LLC, or related entity, across City-owned property located north of Broadway Road and west of Central Avenue, at market value. Further request to authorize the City Treasurer to accept all funds related to this item.
Report
Summary
The property, to be encumbered by the easement, is an unimproved property reserved for right-of-way that is no longer needed, adjacent to the west side of the Ed Pastor Transit Center at 10 W. Broadway Road. The easement, totaling 3,100 square feet, is required for the development of the Pueblo Apartment Housing Development project. CPLC Broadway and Central LIHTC, LLC, or related entity, will compensate the City for the easement based on market value as determined by an appraisal or other valuation method accepted by the Finance Department's Real Estate Division.
Financial Impact
Revenue will be reflective of the market value of the easement.
Location
North of Broadway Road and west of Central Avenue
Council District: 7
Department
Responsible Department
This item is submitted by Deputy City Manager Mario Paniagua and the Public Transit and Finance departments.