ORIGINATING DEPARTMENT
To Committee(s)
| # | Committee Name | Meeting Date |
|---|---|---|
| 1 | Ways & Means Committee | Feb 21, 2017 |
Action Item(s)
| # | File Type | Subcategory | Item Description |
|---|---|---|---|
| 1 | Action | City Property | Authorizing the partial acquisition of 2547 5th St NE (Parcel A) for $41,386 payable from 07700-9010964-CPSD17SW2016, and authorizing the execution of related documents. |
| 2 | Action | City Property | Authorizing the partial acquisition of 2547 5th St NE (Parcel B owned by Acorn Mini-Storage) in exchange for the partial disposition of 340 27th Ave NE (Parcel C - owned by the City), and authorizing the execution of related documents. |
| 3 | Action | City Property | Authorizing staff to pay all transaction costs and to proceed with Torrens title registration or proceedings subsequent, payable from 07700-9010964-CPSD17SW2016. |
Previous Actions
2016-01479 - Acquisition of Real Estate for East Side Storage & Maintenance Facility
2015-01524 - Property Redevelopment in the Vicinity of 340 - 27th Ave NE for Municipal Operations
Dec. 10, 2014 - Approval of the 2015-2019 Capital Budget – Resolution 2014R-520
July 2, 2010 - Approval of purchase agreement for the acquisition of 340 27th Ave NE
Ward / Neighborhood / Address
| # | Ward | Neighborhood | Address |
|---|---|---|---|
| 1. | Ward 1 | 340 27th Ave NE | |
| 2. | Ward 1 | 2547 5th St NE |
Background Analysis
The City-owned parcel at 340 - 27th Ave NE is being redeveloped into a municipal operations campus for storage and maintenance needs. This real estate is legally described as Tracts A and B, Registered Land Survey No. 417 and recorded as Torrens Certificate of Title No. 1330760. Lying next to the City’s property is 2547 5th St NE, owned by Acorn Mini-Storage IV, LLC (Acorn). That parcel is part of Auditor’s Subdivision No. 89, as more fully described in Torrens Certificate of Title No. 1033441.5.
Preliminary designs for this municipal campus showed that site utilization would be enhanced if the City and Acorn adjusted their respective property lines. Staff negotiations resulted in the transactions shown on the attached drawing. The City would buy Parcel A for $41,386 which equates to roughly $3.50 per square foot and is consistent with the City’s appraised value. Parcel B (owned by Acorn) and Parcel C (owned by City) are similar in size so those parcels would be exchanged as an even trade.
The Facilities, Space and Asset Management committee (FSAM) recommended this transaction. The Planning Commission stated it was consistent with the Comprehensive Plan on November 16, 2015 and January 23, 2017.
FISCAL NOTE
- No fiscal impact anticipated