NEW BUSINESS BY DEPARTMENT HEADS, CITY ATTORNEY AND COUNCIL
Purchase and Sale Agreement for 1310 4th Avenue West
Approval
No
No
The City has identified the need to purchase the property located at 1310 4th Avenue West for the relocation of Lift Station #8. Lift Station #8 is currently in design and slated for construction start next calendar year and is majority funded through external grants, appropriations, and awards. The property was appraised at $500,000.00. The City and Seller negotiated for a proposed purchase and sale price of $525,000.00, which includes a 5% premium over the appraised value based on the City's need for the parcel for a future public purpose.
$525,000.00 purchase price, plus related transactional costs from the Water/Sewer Fund.
Reviewed and approved by Blalock Walters.
Motion to approve the Agreement for Purchase and Sale for 1310 4th Avenue West and authorize the Mayor to execute the same, and further authorize the Mayor to execute the closing documents necessary to effectuate the purchase upon the satisfactory completion of due diligence.