Title
Land Sale to Norfolk Southern Railroad Company
Action
Action:
Adopt a resolution to authorize the sale of the Intermodal Rail Facility property located at Charlotte Douglas International Airport to Norfolk Southern Railway Company.
Body
Staff Resource(s):
Brent Cagle, Aviation
Haley Gentry, Aviation
Explanation
§ On June 14, 2010, City Council approved a Master Development Agreement between the city and Norfolk Southern pursuant to which the parties would enter into a ground lease at the Airport for the construction of an Intermodal Rail Facility.
§ The City Council further authorized the city to grant Norfolk Southern an option to purchase the land upon which the Intermodal Rail Facility would be constructed within 10 years.
§ The ground lease for the Intermodal Rail Facility took effect on March 28, 2012.
§ Norfolk Southern notified Aviation by letter dated May 17, 2019 of its intent to exercise its purchase option.
§ The estimated sale price is $12,574,776.90 which represents fair market value as determined by a property appraisal.
§ Aviation and Norfolk Southern anticipate completing this transaction by mid-November subject to the release of the property by the Federal Aviation Administration.
Fiscal Note
Funding: Revenue from this transaction will be allocated between Airport Improvement Grant funding and Airport Discretionary funding in accordance with the original funding formulas.
Attachments
Attachment(s)
Resolution for Land Sale