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File #: 19-538    Version: 1
Type: Action Item Status: Passed
In control: City Council
On agenda: 11/25/2019 Final action: 11/25/2019
Title: 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
Attachments: 1. Location Map, 2. Proposed Agreement
Related files:

TO:                      Mayor and City Council   

THROUGH:                      Steve Powers, City Manager   

FROM:                      Kristin Retherford, Urban Development Department Director

                                          

SUBJECT:

title

 

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