Title
Acquisition of Property in the Rio Reimagined Area Located at 3030 S. 7th Street (Ordinance S-51777) - District 7
Description
Request to authorize the City Manager, or his designee, to perform all acts necessary to voluntarily acquire all rights, title, and fee interest to the improved real property located at 3030 S. 7th Street at a price negotiated on the open market based on the City’s appraisal, plus usual and customary closing costs, from OP 3030 S 7th Property, LLC. Further request to authorize the assumption of a lease with Ace Asphalt of Arizona, Inc. for the remaining term of the existing lease, and to allow the occupant time to relocate at the end of the existing lease term, as may be necessary to and in furtherance of this acquisition. Additionally, request to authorize the City Controller to disburse, and the City Treasurer to accept, all funds related to this item.
Report
Summary
OP 3030 S 7th Property, LLC, initiated a voluntary acquisition of the property consisting of 29.52 acres of land and associated improvements. The property is strategically located for development as identified in the Rio Reimagined Study Area and in accordance with the Beyond the Banks Area Plan. Currently, the property is occupied by Ace Asphalt of Arizona, Inc. To allow the occupant time to relocate, the City will assume a lease with Ace Asphalt of Arizona, Inc., at a rental rate based on existing lease terms. The lease is set to terminate on December 31, 2028.
The parcels to be acquired are located at 3030 S. 7th Street, identified by Maricopa County Assessor's Parcel numbers 113-08-005A, 113-08-006A, and 113-08-001J.
Financial Impact
Funding is available through the City's 2023 General Obligation Bond Program’s Rio Reimagined Land Acquisition project and other Community and Economic Development Department funds.
Location
3030 S. 7th Street
Council District: 7
Department
Responsible Department
This item is submitted by Deputy City Manager John Chan and the Community and Economic Development Department.