Title
Authorization to Sell City-Owned Property Located at 1009, 1013 and 1017 W. Buckeye Road (Ordinance S-43856)
Description
Request to authorize the City Manager, or his designee, to sell City-owned property located at 1009, 1013 and 1017 W. Buckeye Road identified as excess real property inventory. Further request authorization for the City Treasurer to accept all funds related to this item.
Report
Summary
The excess property to be sold is approximately 20,840 square feet, zoned C-3, and is improved with a vacant building containing approximately 1,200 square feet. The property was originally acquired for the City's HOPE VI project pursuant to a U.S. Department of Housing and Urban Development (HUD) grant agreement. The property will be advertised on the open market by a City-contracted broker at market value to be determined by an appraisal, broker's opinion of value, or other valuation method accepted by the City. Further requesting authorization to negotiate with the offeror[s] in order to yield the highest dollar return to the City, as deemed acceptable by the City Manager or designee. The City Manager, or designee, will select the highest responsive and responsible offer for the property based upon market value, and enter into an Agreement for the Purchase and Sale of City-owned property, containing terms and conditions deemed necessary and appropriate by the City. The subsequent fee simple conveyance will be by Special Warranty Deed. The proceeds are restricted for uses consistent with the HOPE VI grant.
Concurrence/Previous Council Action
The Sustainability, Housing, Efficiency and Neighborhoods Subcommittee recommended City Council approval of this item on Feb. 21, 2017 by a vote of 4-0.
Location
1009, 1013 and 1017 W. Buckeye Road, identified by assessor parcel numbers 105-01-059A, 105-01-060A and 105-01-061A.
Council District: 8
Department
Responsible Department
This item is submitted by Deputy City Manager Deanna Jonovich and the Housing and Finance departments.