Title
Transfer of City-Owned Property to the North Carolina Railroad Company
Action
Action:
A. Adopt a resolution authorizing the City Manager to transfer property to the North Carolina Railroad Company as part of an exchange required by the city's lease with the North Carolina Railroad Company for the Blue Line Extension Project, and
B. Authorize the City Manager to negotiate and execute all documents necessary to complete the sale of the property.
Body
Staff Resource(s):
Brent Cagle, CATS
Kelly Goforth, CATS
Lori Lencheski, CATS
Explanation
* In April 2012, City Council approved a lease agreement with the North Carolina Railroad Company (NCRR) for a 2.7-mile segment of rail corridor for the Blue Line Extension (BLE) project (Council District 1).
* NCRR, a private corporation owned by the State of North Carolina, owns 317 miles of railroad right-of-way (ROW).
* As part of the lease agreement with NCRR, the city acquired several properties for the relocation of existing freight tracks.
* The lease agreement requires that the city, upon completion of the BLE, transfer these parcels to NCRR. The terms of the lease included the consideration for all such conveyances to NCRR and no additional purchase price or similar payment is to be made by NCRR.
* This transfer is part of an exchange for full and fair consideration under the lease agreement. Fair consideration can be any combination of cash, real property, or personal property and other benefits.
* A total of 18 parcels totaling approximately 6.4 acres will be transferred to NCRR as either fee simple ownership or permanent railroad easement.
* Seven of these parcels are fee simple ownership (parcel identification numbers 091-112-53; 091-072-05; 091-112-52; 091-112-57; 091-112-54; 091-112-55; and 091-112-56).
* The city acquired permanent railroad easements on the other 11 of these parcels (parcel identification numbers 083-031-14; 083-031-13; 083-031-12; 083-031-11; 083-031-10; 083-031-09; 083-031...
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