TO: Mayor and City Council
THROUGH: Kristin Retherford, Interim City Manager
FROM: Norm Wright, Interim Urban Development Department Director
SUBJECT:
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Purchase and Sale Agreement with Meredith A. Cote for acquisition of real property adjacent to Franzen Reservoir.
Ward(s): All Wards
Councilor(s): All Councilors
Neighborhood(s): All Neighborhoods
Result Area(s): Good Governance; Natural Environment Stewardship; Safe, Reliable and Efficient Infrastructure.
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SUMMARY:
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The City of Salem owns and maintains the Franzen Reservoir in Turner, OR as a major component of its drinking water infrastructure. Staff has determined that in order to protect the integrity of the reservoir, it is prudent to acquire property adjacent to it to prevent development from occurring on the embankments surrounding the reservoir.
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ISSUE:
Shall City Council authorize the City Manager to execute the attached Purchase and Sale Agreement for acquisition of real property adjacent to Franzen Reservoir?
RECOMMENDATION:
recommendation
Authorize the City Manager to execute the attached Purchase and Sale Agreement for acquisition of real property adjacent to Franzen Reservoir.
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FACTS AND FINDINGS:
Staff has come to terms with Meredith A. Cote (Seller) on terms of a Purchase and Sale Agreement (Agreement) for acquisition of Seller’s property located at 5415 Elm Street SE. in Turner and adjacent to Franzen Reservoir. Key terms of the Agreement are below.
Purchase Price: $540,000
Property Size: 3.08 acres on two tax lots, 1,382 s.f. single family house
Earnest Money: $10,000
Closing: no later than July 15, 2022
Contingencies: environmental review and inclusion of project funds in the City of Salem Budget for Fiscal Year 2022-2023
BACKGROUND:
Funding for this acquisition will come from Water Rate funds.
Clint Dameron
Real Property Services Manager
Attachments:
1. Agreement