Bill Type and Number: Ordinance 2007-0047
Sponsor: The Council President at
the request of the Mayor:
Date of Introduction: January 9, 2007
Committee(s) of Reference: F; TEUS
Date of Analysis: January 12, 2007
Type of Action: Property Purchase Approval
Bill Summary: This ordinance approves the
Real Estate Department’s purchase acquisition of two parcels from J. P.
Benjamin III, Inc., for an amount of $475,000.00. The purpose of the purchase is to build a
stormwater drainage pond for the Girvin Road Reconstruction Project. The Mayor and Corporation Secretary are
authorized to execute all closing documents and to take all necessary actions
to effectuate the purchase. No further
Council action is required. The project
site straddles Council Districts 2 & 3.
Background Information: The two parcels that this
legislation authorizes the Real Estate Division to acquire through an Option to
Purchase are needed to construct a retention pond for the Girvin Road
Reconstruction Project. The executed
Option is for the amount of $475,000.
The property has been appraised reflecting a total value of $410,000.
Policy Impact: Public Works/Real Estate
Division
Fiscal Impact: This bill approves an Option
to Purchase for the purpose of acquiring two (2) parcels for the sum of
$475,000.
Analyst: