Title
Authorization to Sell City-Owned Property Located at 747 W. Van Buren St. (Ordinance S-47253)
Description
Request to authorize the City Manager, or his designee, to sell a City-owned property located at 747 W. Van Buren St. via City-contracted broker. Further request authorization for the City Treasurer to accept all funds related to this item.
Report
Summary
The one-story building, adjacent to Woodland Parkway, consists of approximately 2,600 square feet. The building, previously used by the Capitol Mall Association, is currently unoccupied and has been deemed excess by the Parks and Recreation Department. The property is located within right-of-way to be vacated by resolution of the City Council. The site is roughly 9,000 square feet with the final site size to be determined after the right-of-way is vacated.
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 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 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.
Financial Impact
Revenue will be reflective of market value. Funds from the sale will be deposited into the Phoenix Parks and Preserves Initiative (PPPI) fund.
Concurrence/Previous Council Action
The Land Use and Livability Subcommittee recommended City Council approval of this item on Nov. 18, 2020, by a vote of 4-0.
Location
Council District: 7
Department
Responsible Department
This item is submitted by Deputy City Manager Inger Erickson and the Parks and Recreation and Finance departments.