Title
Exchange of Land Rights along the LYNX Light Rail Corridor
Action
Action:
A. Adopt a resolution authorizing an exchange of land rights between the City of Charlotte and SRPF D/2905 Griffith, LLC or its successors ("Property Owner") involving parcel identification number 14-701-701 and 14-701-702, and
B. Authorize the City Manager to negotiate and execute all necessary documents to complete the exchange of land rights between the City of Charlotte and Property Owner.
Body
Staff Resource(s):
John Lewis, Jr., CATS
John Howard, CATS
Explanation
* The Property Owner proposes to build a mixed-use office development ("Development") in South End near the intersection of Fairwood Avenue and Griffith Street, between the LYNX East/West Station and the LYNX New Bern Station.
* In order to construct the Development, the Property Owner requires use of some of the City's excess LYNX right-of-way. The City's ownership of the LYNX right-of-way between Scaleybark and Uptown is a "charter" right-of-way that the City originally purchased from Norfolk Southern Railroad.
* The City's right-of-way is approximately 130 feet wide, which is wider than necessary for the City's use and development of the LYNX Blue Line and Rail Trail. Therefore, per the City's Administrative Policy, the City generally retains approximately 70 feet in width while allowing the excess right-of-way of approximately 30 feet on either side to be used by the adjacent Property Owner in order to facilitate transit supportive redevelopment.
* The Property Owner will exchange property rights with the City for full and fair consideration as required by law. Fair consideration can be any combination of cash, real, or personal property and other benefits.
* Terms of the proposed exchange include:
* The Property Owner will convey approximately 15,150 square feet of that portion of the rail corridor used by LYNX and the Rail Trail to the City and will be required to reconstruct and maintain the City's Rail...
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