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File #: 15-11799    Version: 1 Name:
Type: Business Item Status: Approved
File created: 9/16/2019 In control: City Council Business Meeting
On agenda: 9/23/2019 Final action: 9/23/2019
Title: Land Sale to Norfolk Southern Railroad Company
Attachments: 1. Resolution for NS Land Conveyance

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