Title
Sale of City-Owned Property on Piaffe Avenue and Shady Oak Court
Action
Action:
A. Adopt a resolution approving the sale of 3.3 acres of City-owned property located at 4125 Piaffe Avenue and 11915 Shady Oak Court (parcel identification numbers 195-056-48 and 195-181-99) to Syetta Chapman for $60,000, subject to the upset bid process, and
B. Authorize the City Manager to negotiate and approve all documents necessary to complete the sale of the property.
Body
Staff Resource(s):
Angela Lee, Charlotte Water
Mike Davis, Engineering and Property Management
Tony Korolos, Engineering and Property Management
Explanation
§ The City-owned property at 4125 Piaffe Avenue and 11915 Shady Oak Court (adjacent to Council District 5) is 3.3 acres and zoned R (residential).
§ The City acquired the property through purchase of a private water system and the parcels functioned as neighborhood well lots.
§ Ms. Chapman, an individual, proposes to purchase the property for the appraised value of $60,000.
§ On September 25, 2018, Ms. Chapman presented the highest qualifying initial offer with the following terms:
- Purchase price of $60,000 with a five percent earnest money deposit of $3,000,
- Due diligence period of 120 days, and
- Closing to occur within 30 days after the expiration of the due diligence period.
§ If City Council approves Ms. Chapman’s initial offer, the terms will be advertised for upset bid.
Fiscal Note
Funding: Charlotte Water Operating Budget
Attachments
Attachment(s)
Map
Resolution