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Open a Public Hearing and Consider Exchanging 150 E. Rosemary for 125 and 135 E. Rosemary to Support the East Rosemary Redevelopment Project and Parking Deck.
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Staff:
Department:
Maurice Jones, Town Manager
Manager's Office
Dwight Bassett, Economic Development Officer
Manager's Office
Amy Oland, Director
Business Management
Bob Jessup, Attorney
Sanford Holshouser
Overview: Consider exchanging the Wallace parking deck (150 E. Rosemary) and property for the 125 East Rosemary and 135 East Rosemary deck and parcel for the purpose of building a new parking deck.
For additional information, see the attached report on the proposed Economic Development Agreement and the March 4, 2020 Council Action authorizing a Memorandum of Understanding for this proposed Economic Development Project. https://chapelhill.legistar.com/LegislationDetail.aspx?ID=4346784&GUID=8D2E8A1D-FC0F-4560-8DD6-3102529B1502&Options=&Search=
Recommendation(s):
That the Council adopt the resolution authorizing the Town Manager to proceed with:
- Purchase of 125 East Rosemary and 135 East Rosemary from Grubb Properties and Investors Title;
- Transfer of 150 E. Rosemary to Grubb Properties; and,
- Payment of the difference in property values to Grubb Properties.
Land values:
Decision Points:
* Authorize the purchase and exchange of property for a net cost of $1.74 million dollars.
* Authorize Grubb Properties to acquire Investors Title property and pay up to $4.9 million for that parcel and for Grubb to contribute $400,000 to that purchase price.
* Authorize the necessary financial arrangements to allow the Town to spend up to $1.74 million dollars from our General Fund until the bond debt for parking deck construction is authorized and issued.
Key Issues:
* This property acquisition is necessary to facilitate a new parking deck and the Grubb Properties construction of a new 200,000 +/- office and wet lab building.
* This acquisition will allow for the construction of a new 1100 +/...
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