Title
Property Transactions - Lakeview-Reames Intersection Improvements, Parcels #59 and 77
Action
Action: Approve the following Condemnation: Lakeview-Reames Intersection Improvements, Parcels #59 and 77
This property is acquired in accordance with Federal Guidelines 49 CFR Part 24 of the Uniform Acquisition and Relocation Act of 1970. Acquisition costs are eligible for North Carolina Department of Transportation reimbursement and Federal Transit Administration reimbursement.
Body
Project: Lakeview-Reames Intersection Improvements, Parcels #59 and 77
Owner(s): Reames Investment Corporation
Property Address: Lakeview Road and Reames Road
Total Parcel Area: 21,632 sq. ft. (0.497 ac.)
Property to be acquired by Fee: 2,405 sq. ft. (0.055 ac.) in Fee Simple
Property to be acquired by Easements: 1,003 sq. ft. (0.023 ac.) in Sidewalk and Utility Easement, plus 5,392 sq. ft. (0.124 ac.) in Temporary Construction Easement, plus 1,721 sq. ft. (0.04 ac.) in Utility Easement
Structures/Improvements to be impacted: Sign, irrigation and landscape lighting
Landscaping to be impacted: Trees, shrubs and various plantings
Zoned: MX-1
Use: Buffer Strip
Tax Code: 025-123-62 and 025-123-61
Appraised Value: $104,625
Counter Offer: $115,000
Property Owner’s Concerns: Property owner is concerned with the compensation amount and project impacts.
City’s Response to Property Owner’s Concerns: Property owner was informed of their option to obtain their own appraisal in order to justify a counter offer and concerns with project impacts were addressed.
Outstanding Concerns: Property owner is still concerned with the project impacts.
Recommendation: To avoid delay in the project schedule, the recommendation is to proceed to condemnation during which time negotiations can continue, mediation is available and if necessary, just compensation can be determined by the court.
Council District: 2