HomeMy WebLinkAboutItem 02 Glenwood Real Property Discussion{00017640:1}
AGENDA ITEM SUMMARY Meeting Date: 5/10/2021
Meeting Type: Executive Session
Department: City Manager’s Office
Staff Contact: Courtney Griesel
S P R I N G F I E L D ECONOMIC Staff Phone No: 541-726-3700
DEVELOPMENT AGENCY Estimated Time: 10 Minutes
ITEM TITLE: GLENWOOD REAL PROPERTY DISCUSSION
ACTION
REQUESTED:
Authorize/not authorize the City Manager to negotiate and execute a purchase and
sale agreement for 0.5 acres of real property located in the Glenwood riverfront area
(Map 17-03-34-42, Tax Lots 501 and 600) for a total purchase price to SEDA of no
more than $688,000.
ISSUE
STATEMENT:
Skillern Investments Limited Partnership owns two parcels located within the north
riverfront area of Glenwood that are identified in the Glenwood Refinement Plan as
future public park, street, and stormwater facilities. The owner has approached
SEDA to discuss selling the two parcels to SEDA in lieu of condemnation. Staff is
requesting authorization to purchase the property at the recently appraised market
value of $688,000 with closing contingent on the completion of a Phase II
Environmental Assessment and consideration and deductions applied based on the
findings.
ATTACHMENTS: Attachment 1 – Property Vicinity Map
DISCUSSION/
FINANCIAL
IMPACT:
The site and parcels for authorization include:
• 0.45 acres between two taxlots; 17-03-34-42-00501 & 00600 (Attachment 1)
• Existing 10,200+ SF occupied building
• Glenwood Residential Mixed Use zoning with Refinement Plan overlay
designating as public roads and open space
• $688,000 appraised market value (Attachment 2)
• 2020 November Phase I environmental assessment (ESA) indicating need for
Phase II ESA
The SEDA Board is requested to authorize purchase of Map 17-03-34-42, Tax Lots
501 and 600 from Skillern Investments Limited Partnership to include terms as
listed below:
1. A base purchase price of $688,000
2. Deduction of SEDA costs to fund a Phase II ESA
3. Deduction of costs associated with any contamination mitigation or
environmental conditions found during the Phase II
4. A purchase acknowledging “threat of condemnation” – This statement does
not trigger condemnation or the financial obligations to SEDA of a
condemnation process. This acknowledgement is desired by the seller and
provides an ideal and preferred alternative to a lengthy closing.
5. Any additional terms as directed by the Board
0.5 Acre Site
For Purchase
ATTACHMENT 1, PAGE 1 OF 1