Title
Authorization to Sell City-Owned Property Located at 11 W. Cypress St. (Ordinance S-47418)
Description
Request to authorize the City Manager, or his designee, to sell approximately 617 square feet of City-owned property adjacent to 36 W. Holly St. to JAG Development, LLC and Studio Ma, Inc., or its City-approved designee (Developer). Further request authorization for the City Treasurer to accept all funds related to this item.
Report
Summary
The City-owned property, identified by assessor parcel number 118-51-109, consists of approximately 1.17 acres of land developed with a parking garage and other improvements serving the City's Family Advocacy Center. The portion of property to be sold for $17,900 is an approximately 4-foot by 165-foot remnant strip of unimproved land along the western property line, the land is not needed for the operations of the Family Advocacy Center developed on the balance of the property; the strip will be assembled with the abutting property to the west for purposes of expanding and securing the residential site. The property will be conveyed by Special Warranty Deed, with the purchase price based on appraised value. The buyer will pay all closing costs, including the cost of the survey.
This property will not be transferred from the City's ownership until the zoning is complete on the property and the two adjacent properties known as 36 and 42 W. Holly Street. In addition, building permits must be ready to issue on the project prior to the sale to Developer.
Financial Impact
The sale of this property will generate a one-time $17,900 sales proceeds to the City. Sale proceeds will be applied towards the 2007 and 2009 bond debt used to purchase the property.
Location
11 W. Cypress St.
Council District: 4
Department
Responsible Department
This item is submitted by Deputy City Manager Inger Erickson and Interim Deputy City Manager John Chan, and the Human Services and Community and Economic Development departments.