title
Authorize the Town Manager to Execute Option to Purchase Real Property Near Piney Mountain Road, Adjacent to the Current N. Forest Hills Park
body
|
Staff: |
Department: |
|
Atuya Cornwell, Director |
Parks and Recreation |
|
Kevin Robinson, Senior Manager of Planning and Park Operations |
|
Overview: The Town currently leases approximately 2 acres of real property near Piney Mountain Road, adjacent to the current N. Forest Hills Park (PIN#9880-51-5521). The lease contains an option to purchase and gives the Town credit for prior lease payments to the purchase price.
|
|
Recommendation(s): |
That the Council adopt a resolution authorizing the Town Manager to purchase real property near Piney Mountain Road, adjacent to the current N. Forest Hills Park (PIN#9880-51-5521) from Pendergraft Page Properties II LLC.
Key Issues:
• The purchase price set within the lease agreement with the option to purchase is $115,000.
• Since the commencement of the lease agreement in 2018, the Town has paid a total $72,000.
• By exercising the option to purchase during the term of the lease agreement, the $72,000 paid for the leasing of the property will be credited towards the purchase of the property.
• The cost to complete the purchase is $43,000, plus any associated closing costs
• Purchasing this property will provide the Town with two acres of land adjacent to N. Forest Hills Park, which may be used to protect water resources, provide open space and park land, create and enhance outdoor recreation opportunities, protects wildlife habitat, and be put to other potential future uses by the Town.
Fiscal Impact/Resources: We have identified $43,000 in Pay Go CIP funds to purchase the property in the FY 2023-24 budget.
|
|
Attachments: |
|
|
• Resolution |
A RESOLUTION authorizing the Town Manager to purchase real property near Piney Mountain Road, adjacent to the current N. Forest Hills Park (PIN#9880-51-5521) from Pendergraft Page Properties II LLC. (2024-04-24/R-2.1)
WHEREAS, the Town of Chapel Hill currently leases approximately 2 acres of real property near Piney Mountain Road, adjacent to the current N. Forest Hills Park (PIN#9880-51-5521); and
WHEREAS, the Town of Chapel Hill has the option to purchase the property per the current lease agreement; and
WHEREAS, purchasing the property provides protection of water resources, provides open space and park land, creates and enhance outdoor recreation opportunities and protects wildlife habitat.
NOW, THEREFORE, BE IT RESOLVED by the Council of the Town of Chapel Hill that the Council authorizes the Town Manager to purchase real property near Piney Mountain Road, adjacent to the current N. Forest Hills Park (PIN#9880-51-5521) from Pendergraft Page Properties II LLC.
This the 24 day of April, 2024.
.end
|
The Agenda will reflect the text below and/or the motion text will be used during the meeting. |
presenter
By adopting the resolution, the Council authorizes the Town Manager to purchase real property near Piney Mountain Road, adjacent to the current N. Forest Hills Park (PIN#9880-51-5521), from Pendergraft Page Properties II LLC.