HomeMy WebLinkAboutItem 01 Downtown Real Property Sale AuthorizationAGENDA ITEM SUMMARY Meeting Date:
4/18/2022
Meeting Type:
Regular Meeting
Department:
City Manager's Office
Staff Contact:
Kristina Kraaz
Courtney Griesel
S P R I N G F I E LD ECONOMIC Staff Phone No:
541-726-3700
DEVELOPMENT AGENCY Estimated Time:
10 Minutes
ITEM TITLE:
DOWNTOWN REAL PROPERTY SALE AUTHORIZATION
ACTION
Authorize/Not Authorize the City Manager to finalize and sign a Purchase and Sale
REQUESTED:
Agreement with Lifetime Tattoos, Inc. (dba Queen Bee) for sale of SEDA owned
real property located at 226, 228 and 230 Main Street (Map 17-03-35-32, Tax lot
4900) at a total sale price of $365,000.
ISSUE
SEDA purchased taxlot 4900 in 2020 from the Springfield Utility Board (SUB) for
STATEMENT:
$365,000. During the transaction, SEDA was approached by the current tenant of
taxlot 4900 requesting to purchase the building from Springfield Economic
Development Agency (SEDA). Based on prior SEDA authorization, staff have
negotiated sale terms to support the current tenant's efforts to expand their business
and improve the property. Negotiated terms include a sale price of $365,000 and
require the buyer to work with a third -party lender.
ATTACHMENTS:
Attachment 1 — Vicinity Map
DISCUSSION/
SEDA purchased taxlot 4900 in 2020 from the Springfield Utility Board (SUB) for
FINANCIAL
$365,000. The property was purchased as part of a as part of a third party proposed
IMPACT:
redevelopment concept to be located on the adjacent corner parcels. This concept
has changed over time and is no longer active or requiring taxlot 4900. The site was
occupied by the current tenant and prospective buyer at the time of SEDA purchase.
Based on prior SEDA authorization, staff have negotiated sale terms to support the
current tenant's/prospective buyer's efforts to expand their business and improve
the property. Negotiated terms include a sale price of $365,000 and require the
buyer to work with a third -party lender.
Staff seeks SEDA Board authorization for the City Manager finalize and sign with
Lifetime Tattoos, Inc. a Purchase and Sale Agreement for taxlot 4900 at a sale price
of $365,000.
In addition, before formal transfer of property to Lifetime Tattoos, Inc., the
Springfield Economic Development Agency will be required to hold a public
hearing and declare taxlot 4900 "surplus property."
SEDA TAXLOT 4900 VICINITY MAP,,,
Queen Bee/LifeTime Tattoos, Inc. Site Information (1 Tax Lot)
• Map 17-03-35-34, Tax Lot 4900
0 0.14 acres (6,098 SF)
o Appraised Value — $365k a=lGll;�i��d
o Use — Two Story Retail, Queen Bee Tenant Occupied
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