Background: The owners of 2212 1st Avenue contacted the Community Reinvestment Department asking if the City would be interested in purchasing the property located at 2212 1st Avenue. The City currently owns the properties located at 2216 1st Avenue, 2221 and 2213 2nd Avenue, and 114 23rd Street, which are adjacent to this parcel. 2221 2nd Avenue is currently leased by Homeless Resource Network.
This property was recently appraised for $15,000. The owners have agreed to sell the property to the City for fair market value, minus closing costs. The total purchase, to include closing costs, will not exceed $15,000.
Analysis: The acquisition of these properties will provide an opportunity to assemble parcels of land in the City Village area for future redevelopment.
Financial Considerations: The property will be purchased utilizing Community Development Block Grant (CDBG) funds. There is a current budget of $176,919 for property acquisitions in fiscal year 2019.
Legal Considerations: Council must approve all matters related to real estate.
Recommendations: Approval is requested to acquire 2212 1st Avenue in the amount of $15,000, to include closing costs, in an effort to assemble land in the City Village Redevelopment area.
Councilor Allen voting __________.
Councilor Baker voting __________.
Councilor Barnes voting __________.
Councilor Davis voting __________.
Councilor Garrett voting __________.
Councilor House voting __________.
Councilor Huff voting __________.
Councilor Thomas voting __________.
Councilor Turner Pugh voting __________.
Councilor Woodson voting __________.
Lindsey Glisson, Deputy Clerk of Council Teresa Pike Tomlinson, Mayor