TO: Mayor and City Council
THROUGH: Steve Powers, City Manager
FROM: Kristin Retherford, Urban Development Department Director
SUBJECT:
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Purchase and Sale Agreement with JDV Investments LLC for acquisition of real property located at 298 Taybin Road NW
Ward(s): 1
Councilor(s): Kaser
Neighborhood(s): West Salem Neighborhood Association
Result Area(s): Natural Environment Stewardship; Safe, Reliable and Efficient Infrastructure
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ISSUE:
Shall the City Council authorize the City Manager to execute the attached Purchase and Sale Agreement with JDV Investments LLC for the acquisition of real property located at 298 Taybin Road NW?
RECOMMENDATION:
recommendation
Authorize the City Manager to execute the attached Purchase and Sale Agreement with JDV Investments LLC for the acquisition of real property located at 298 Taybin Road NW.
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SUMMARY:
JDV Investments LLC (Seller), whose Member is James D. Vick, owns the property located at 298 Taybin Road NW (Property) (Attachment 1). The City is interested in acquiring the Property for stormwater detention and potential future right-of-way for Marine Drive NW.
FACTS AND FINDINGS:
Staff and Seller have come to terms of an agreement (Agreement) (Attachment 2) for the acquisition of the Property. Key terms of the Agreement are below.
Sale Price: $375,000
Acreage: 0.9
Demolition Funds/Earnest Money: $26,764.52
Special Conditions: Seller to remove existing improvements prior to sale utilizing City-paid Demolition Funds
Closing Date: No later than February 28, 2020
BACKGROUND:
Funds for the Property acquisition will come from Stormwater System Development Charges.
Clint Dameron
Real Property Services Manager
Attachments:
1. Location Map
2. Proposed Agreement