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File #: 15-13666    Version: 1 Name:
Type: Business Item Status: Agenda Ready
File created: 6/22/2020 In control: City Council Business Meeting
On agenda: 7/27/2020 Final action:
Title: Sale of City-Owned Property on Shopton Road
Attachments: 1. East Group RCA Resolution
Sale of City-Owned Property on Shopton Road

Adopt a resolution approving the sale of 117.16 acres of city-owned property located on Shopton Road to EastGroup Properties, L.P. for $7,015,000.

Staff Resource(s):
Brent Cagle, Aviation

* This action authorizes the sale of nine vacant parcels of land that total approximately 117.16 acres in Council District 3. The parcels are zoned I-1(CD) and are part of the Federal Aviation Administration's (FAA) Part 150 Noise Program (Noise Program).
* Aviation participates in the FAA's Noise Program. The Noise Program requires airports to purchase properties significantly impacted by noise and put this land back into productive use.
* The city has acquired multiple parcels of land located along Shopton Road as part of the Noise Program.
* On February 7, 2020, the city issued an Invitation to Bid for the sale of this property; five bids were received.
* EastGroup Properties, L.P. was selected as the highest responsive, responsible bidder.
* Aviation contracted with two appraisers to complete independent appraisals to determine fair market value of the property.
* This sale is contingent upon FAA approval.
* The winning bid and final sale price is $7,015,000.
* Tax Parcels: 141-071-25, 141-071-26, 141-071-21, 141-071-04, 141-241-07, 141-071-06, 141-071-22, 141-071-23, and 141-071-09.

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