Title
Acquisition of Property on West Boulevard at Remount Road
Action
Action:
A. Approve the purchase of two parcels located at 1527 and 1533 West Boulevard (parcel identification numbers 119-033-40 and 119-033-41) in the amount of $1,200,000 from West Blvd Shop, Inc., and
B. Authorize the City Manager to negotiate and execute all documents necessary to complete the purchase of the property.
Body
Staff Resource(s):
Tracy Dodson, Economic Development
Todd DeLong, Economic Development
Explanation
* This action requests authority to purchase two parcels (the "Property") at 1527 and 1533 West Boulevard located in Council District 3.
* The Property, totaling 0.70 acres, are improved with a single-story retail building that consists of eight total retail spaces.
* The Property is zoned B-1, which allows for retailing of merchandise, such as groceries, and household items and professional services to create and sustain the neighborhood area.
* The Property was appraised on March 11, 2022, at $1,200,000.
* The City worked with the U.S. Attorney's Office to coordinate the purchase of the Property in lieu of the property going through a foreclosure sale so that the Property can be repurposed in conformity with the West Boulevard Corridor Playbook.
- The Property is subject to a federal foreclosure action due to significant volume of drug trafficking activity and violence at the site.
- As a condition of the dismissal of the United States' interest in the Property, the City will be required to manage the Property in accordance with terms and conditions established to eliminate the re-occurrence of criminal activity at the site.
- The terms include the responsibility of the City to terminate existing leases as soon as practicable, but, in no event, shall any lease extend beyond its respective term and to complete needed renovations based on a Facility Conditions Report dated March 17, 2022.
* West Boulevard has been an area of focus and revitalization for the...
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