Title
Ordinance for the Acquisition of Real Property Located at 100 W. Washington St., 101 W. Adams St., and 303 N. 2nd Ave. (Ordinance S-47831)
Description
An ordinance to authorize the City Manager, or his designee, to voluntarily acquire real property located at 100 W. Washington St., 101 W. Adams St., and 303 N. 2nd Ave. for $46,500,000, and to execute all licenses, leases, and agreements in furtherance of this acquisition. Further request authorization for the City Controller to disburse, and for the City Treasurer to accept, all funds related to this item.
Additionally, request the City Council to grant an exception pursuant to Phoenix City Code § 42-20 to authorize inclusion in the documents pertaining to this transaction of indemnification and assumption of liability provisions that otherwise would be prohibited by Phoenix City Code §42-18.
Report
Summary
The City proposes to purchase an approximate 525,814-square-foot office building with an attached 253,640-square-foot parking garage situated on 2.02 acres located at 100 W. Washington St. and 101 W. Adams St., and an approximate 253,640-square-foot parking garage situated on 1.22 acres located at 303 N. 2nd Ave. The properties will be acquired as one transaction for consolidation of City office space. The City will lease back the main branch space to the seller during the seller’s transition into a new space. The purchase price was negotiated on the open market based on the City’s appraisal.
The parcels included in this request are identified by Maricopa County Assessor's parcel number (APN) and address:
1) 100 W. Washington St. - identified by APN 112-21-014D
2) 101 W. Adams St. - identified by APN 112-21-014E
3) 303 N. 2nd Ave. - identified by APN 111-42-106B
Financial Impact
Funding is available through excise tax backed obligations.
Location
1st Avenue, Washington to Adams streets, and 2nd Avenue and Van Buren Street.
Council District: 7
Department
Responsible Department
This item is submitted by City Manager Ed Zuercher and the Finance Department.