Title
Sale of Vacant Land at 8508 Idlewild Road
Action
Action:
A. Adopt a resolution proposing to accept the offer from Jose P. Sanchez to purchase a 0.41 acre of vacant land at 8508 Idlewild Road (tax parcel identification number 165-101-02) for $10,500, and
B. Authorize the advertisement of the proposed sale for upset bids in accordance with the resolution and authorize the City Manager to execute all documents necessary to complete the sale of the property in accordance with the resolution.
Body
Staff Resource(s):
Tony Korolos, Engineering & Property Management
Timothy O’Brien, Engineering & Property Management
Explanation
§ The residential (R-4) zoned parcel, located near the corner of Idlewild Road and Cresthill Drive, was acquired in 2012 as part of the Idlewild Road Widening project. A house was previously on the parcel but has since been demolished due to the proximity of the new roadway alignment. The remaining vacant lot is now being sold, since there are no other City needs for the parcel.
§ An appraisal of the property established the fair market value at $10,500.
§ Engineering & Property Management advertised the property on the City’s website, which lists available surplus City-owned properties and received a full price offer of $10,500.
§ If City Council approves this action, Mr. Sanchez’s offer will be advertised for upset bid based on the following terms:
- Purchase price of $10,500,
- Earnest money deposit of $525,
- Due diligence of 10 days,
- Closing within 21 days after the expiration of the due diligence period, and
- All non-refundable deposits will be applied to the purchase price.
§ If there are upset bids, staff will present the highest final bid to the City Council for approval.
§ If there is no upset bid, or the individual remains the high bidder, staff will proceed to sell the property to the individual.
§ The Charlotte-Mecklenburg Planning Committee recommended approval of the land sale for future residential use by a 5-0 vote at their meeting on September 15, 2015.
Fiscal Note
Funding: Proceeds are deposited in the City’s General Fund
Attachments
Attachment
Map
Resolution