Title
Authorization to Sell City-Owned Property at 1950 E. Buckeye Road Identified as Excess Real Property Inventory (Ordinance S-47873)
Description
Request to authorize the City Manager, or his designee, to sell, by broker, City-owned real property located at 1950 E. Buckeye Road (Property), which has been identified by Aviation as excess real property inventory. Further request to authorize the City Manager, or his designee, to negotiate with the offerer(s) in order to yield the highest return to the City, as deemed acceptable by the City Manager or his designee. The City Manager, or his designee, will select the highest responsive and responsible offer for the Property based on its fair market value, and enter into an agreement for the purchase and sale of the Property, which will contain terms and conditions deemed necessary and appropriate by the City. The subsequent fee simple conveyance will be by special warranty deed. Further request to authorize the City Treasurer to accept all funds related to this item.
Report
Summary
1950 E. Buckeye Road is improved with an approximate 164,000-square-foot industrial building and parking lots previously owned by American Airlines under a ground lease. The improvements reverted to the City when the ground lease expired on Feb. 4, 2021. Aviation desires to sell the improvements subject to a new ground lease to be executed by the buyer of the Property as a condition of the sale. The City will retain ownership of the underlying land identified by Maricopa County Assessor's parcel number 115-14-186B.
Financial Impact
Revenue from the Property will reflect its fair market value.
Location
1950 E. Buckeye Road.
Council District: 8
Department
Responsible Department
This item is submitted by Deputy City Manager Mario Paniagua and the Aviation and Finance departments.