Explanation
Background: City Council Ordinance 0582-2012, passed on March 28, 2012 authorized the Director of Finance and Management to execute those documents necessary to purchase that real property known as 4250 Groves Road from Mikuria K. Tegegne and Alemitu Ayana, husband and wife, subject to a number of purchase contingencies including, but not limited to, the satisfactory completion of Environmental Site Assessments (Phase I ESA and Phase II, if necessary). Upon completion of the City's due diligence activities it was determined that a potion of the property is encumbered by an unfavorable access easement. Therefore, it is in the City's best interest to buy that portion of the parcel not encumbered by the unfavorable access easement. The exact size of the portion to be purchased will be determined by survey and is estimated to be approximately 5+ acres.
This legislation amends Ordinance 0582-2012 and authorizes the Director of Finance and Management to execute those documents necessary to purchase from Mikuria K. Tegegne and Alemitu Ayana, husband and wife, that portion of the real property determined to be in the City's best interest, and to expend up to $165,000.00, for all costs associated with said acquisition. Purchase contingencies include, but are not limited to, the satisfactory completion of Site Assessments and ALTA Survey.
Fiscal Impact: Funding for this project was established by Ordinance 0582-2012 on AC033420.
Emergency Justification: Emergency action is requested to allow for the immediate execution of the purchase agreement by the City so that the acquisition can proceed in agreement with the closing transaction deadlines and other terms of the purchase contract.
Title
To amend Ordinance 0582-2012 to authorize the Director of the Department of Finance and Management to execute those documents necessary to purchase from Mikuria K. Tegegne and Alemitu Ayana, husband and wife, that portion of real property known as 4250 Groves ...
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