Title
Purchase of 5516 Central Avenue for Innovation and Technology Staff Consolidation
Action
Action:
Approve the purchase of a 3.89-acre parcel with a 36,865 square foot building located at 5516 Central Avenue (parcel identification number 103-021-02) for the amount of $2,400,000.
Body
Staff Resource(s):
Jeff Stovall, Innovation and Technology
Brad Dunkle, Innovation and Technology
Mike Davis, Engineering and Property Management
Tony Korolos, Engineering and Property Management
Explanation
* This purchase is consistent with the City-Owned Real Estate and Facilities Policy, adopted by City Council in June 2017.
* Currently, more than 130 Innovation and Technology (I&T) staff are located in three separate facilities and on five floors within the Charlotte-Mecklenburg Government Center. Consolidation into a single facility will improve operational efficiency, customer service, and employee morale.
* The FY 2018-2022 Community Investment Plan includes $5,400,000 to be used for I&T Consolidation.
* The parcel at 5516 Central Avenue is 3.89 acres, zoned O-1, and includes a 36,865 square foot building. The building has been vacant for approximately two years, and has been listed for sale since July 2016.
* The property is a good option to facilitate the consolidation because the building is large enough to accommodate current I&T staff as well as growth projections, includes 150 surface parking spaces, and will have access to the proposed CityLYNX Gold Line streetcar. The presence of a City facility will also promote community safety through increased activity and demonstrate the City's commitment to economic development in East Charlotte.
* The terms of purchase are:
* Purchase price of $2,400,000 based on negotiation,
* Due Diligence Period of 90 days, which will be used to assess the building condition and construction costs,
* Earnest Money Deposit in the amount of $120,000 of which $5,000 will be non-refundable to the City. The remaining $115,000 wi...
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