Title
Sale of City-Owned Land for West Boulevard/Remount Redevelopment
Action
Action:
A. Adopt a resolution approving the sale of 0.7 acres of city-owned property at 1527, 1537, and 1541 West Boulevard (parcel identification numbers 119-033-40, 119-033-41, and 119-033-42) to Lambert Commercial Real Estate LLC for $500,000,
B. Authorize the City Manager to negotiate and execute all documents necessary to complete the sale of the property, and
C. Adopt a budget ordinance appropriating $500,000 from Lambert Commercial Real Estate LLC to the General Capital Projects Fund.
Body
Staff Resource(s):
Tracy Dodson, City Manager's Office
Monica Holmes, Planning, Design & Development
Lilias Folkes John, Economic Development
Explanation
* The city-owned property at 1527, 1537, and 1541 West Boulevard (collectively, the "Property") is located in Council District 3 and is currently zoned General Commercial.
* In 2018, the city initiated community engagement activities through the West Boulevard playbook to gather input and ensure that infrastructure and development along the corridor aligns with the community's aspirations.
* In May of 2022, the city acquired the Property at 1527 and 1537 West Boulevard (parcel identification numbers 119-033-40 and 119-033-41) via a structured settlement of a federal foreclosure brought against the former owner to mitigate crime and drug activity.
* The city authorized the purchase to assist in the economic revitalization of the West Boulevard Corridor. The West Boulevard Corridor Playbook identifies the intersection of Remount Road and West Boulevard as a key intersection to create dense, urban and walkable nodes.
* To further leverage that goal, the city acquired the neighboring parcel at 1541 West Boulevard (parcel identification number 119-033-42) in August of 2022.
* Prior to the city's purchase, the Property was appraised and had an estimated combined fair market value of $1,635,000.
* Following the acquisition, the Corridors of...
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