Title
Authorization to Sell City-Owned Property Located at 1120 W. Watkins St. (Ordinance S-43743)
Description
Request to authorize the City Manager, or designee, to sell City-owned property located at 1120 W. Watkins St. 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 62,596 square feet, zoned A-2, and is improved with a commercial office building containing approximately 28,606 square feet. The services provided at this facility have been relocated without increasing costs or decreasing services. 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 offerer[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. There are no restrictions on the proceeds of this sale.
Concurrence/Previous Council Action
The Sustainability, Housing, Efficiency and Neighborhoods Subcommittee recommended City Council approval of this item on June 20, 2017, by a vote of 3-0.
Location
1120 W. Watkins St., identified by assessor parcel number 105-35-048.
Department
Responsible Department
This item is submitted by Deputy City Manager Deanna Jonovich, and the Human Services and Finance departments.