Title
Authorization to Sell City-Owned Property Located Near the Southeast Corner of 7th Avenue and Camelback Road to EQ 7th and Camelback, LLC, its Successors and Assigns (Ordinance S-44240)
Description
Request to authorize the City Manager, or his designee, to sell approximately 1,119 square feet of City-owned property to EQ 7th and Camelback, LLC, its successors and assigns. Further request authorization for the City Treasurer to accept all funds related to this item. Funds are restricted for reinvestment into the City's public transit system.
Report
Summary
The land to be sold is a small portion of assessor parcel number 155-35-153, and is adjacent to the City's park and ride at the southeast corner of 7th Avenue and Camelback Road. The approximate 1,119 square foot site is improved with a drive that has no access to the park and ride. The site has no current or future need by the City, is not large enough for development as a stand-alone parcel, and is adjacent to only one property. Purchase price will be based on appraised value, to be reviewed and approved by City Real Estate staff, with the buyer responsible for all closing costs. Conveyance of the land is subject to Federal Transit Administration (FTA) approval.
Financial Impact
Revenue is restricted for reinvestment of proceeds into the City's public transit system pursuant to FTA Circular 5010.1E.
Location
Near the southeast corner of 7th Avenue and Camelback Road.
Council District: 4
Department
Responsible Department
This item is submitted by Deputy City Manager Mario Paniagua and the Public Transit and Finance departments.