HomeMy WebLinkAboutItem 10 Public Hearing on Proposed Sale of Property
AGENDA ITEM SUMMARY Meeting Date: 2/4/2013
Meeting Type: Regular Meeting
Staff Contact/Dept.: John Tamulonis/CMO
Joe Leahy/CAO
Staff Phone No: 726-3656/746-9621
Estimated Time: 10 Minutes
S P R I N G F I E L D
C I T Y C O U N C I L
Council Goals: Community and
Economic Development
and Revitalization
ITEM TITLE: PUBLIC HEARING ON PROPOSED SALE OF PROPERTY
ACTION
REQUESTED:
Conduct a public hearing and authorize the City Manager to sign the Purchase and
Sale Agreement provided any the conditions of sale in the Agreement are resolved
or found acceptable to the City and prospective buyer.
ISSUE
STATEMENT:
With City Council authorization on 12/03/2012, the City Manager entered into a
Purchase and Sale Agreement (Attachment 3) to allow for due diligence evaluations
by the City and prospective purchaser. With the City’s due diligence essentially
completed without problems, the prospective purchaser has indicated not only a
strong need to quickly complete his due diligence evaluations in less than 90 days
allowed in the Purchase and Sale Agreement, but also to start site Plan approval and
building plans approval for the site. To minimize delays, the prospective purchaser
requests the City Council hold the required Public Hearing for sale of City property
and provide the City Manager with authority to sell if the purchaser completes his
due diligence with no unresolved issues.
ATTACHMENTS: 1. Map of Site
2. Appraisal Review & Opinion of Value
3. Purchase and Sale Agreement
DISCUSSION/
FINANCIAL
IMPACT:
Springfield Economic Development Agency (SEDA) purchased three surplus
parcels in the City’s name recorded July 31, 2009 through a City loan of $700,000.
As condition of any sale, the City requires easements to protect, access, and
maintain drainage ways and wetlands; cross-over access among parcels with access
to Franklin Boulevard via motor-pool driveway; sanitary sewer, sign, and access
easements; and possible future additional right-of-way along Franklin Boulevard
(Attachment 1).
The Purchase and Sale Agreement has an earnest money deposit of $5,000, with
due-diligence related activities and conditions to purchase to be verified for access;
parking; environmental free of contamination; utilities; financing; Council
approval; etc. The deed after sale will include an access easement to the properties
from Franklin Boulevard and additional access easement connecting the east and
west parcels across an intervening parcel.
The Purchase and Sale Agreement provides a sale price of $420,000 (where the
current value of Parcel 500 is $430,000, based on an appraisal review and opinion
of value - Attachment 2, page 6). Any difference in price and value likely relates to
the sale-required easements, reservations, and exceptions restricting use (depicted
in Attachment 1) for drainage/wetlands (about 10,000 square feet), crossover access
and sanitary easements (about 3,600 square feet), and potential future right-of-way
dedication along Franklin Boulevard (about 1,400 square feet).
City has a Preliminary Title Report by Evergreen Title Company showing it will
write Title Insurance for the properties Map 17033433 Tax Lot 500 within the south
3300 block of Franklin Boulevard in Glenwood.
W i l l a m e t t e R.
5
May 2011 Wetland
Delineation
25’ Wetland Buffer
50’ Riparian Setback
Wastewater
Easement
24’ Access Easement
Sign Easement
10’ RoW setback TL#500 For Sale
0100200400 Ft There are no warranties that accompany this product. Users
assume all responsibility for any loss or damage arising from
any error, omission, or positional inaccuracy of this product.
NORTH Te
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Develo pm e nt & Public
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Jan2013
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