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File #: [20-0644]    Version: 1 Name:
Type: Discussion Item Status: Passed
File created: 9/15/2020 In control: Town Council
On agenda: 9/30/2020 Final action: 9/30/2020
Title: Consider Exchanging 150 E. Rosemary for 125 and 135 E. Rosemary to Support the East Rosemary Redevelopment Project and Parking Deck.
Attachments: 1. 125 E Rosemary appraisal, 2. 135 E Rosemary St Appraisal, 3. 150 E Rosemary appraisal, 4. Staff Presentation, 5. Emails from the Public, 6. Council Questions with Staff Response, 7. A RESOLUTION REIMBURSING THE TOWN FOR EAST ROSEMARY DECK EXPENDITURES (2020-09-30/R-9)
Related files: [20-0869], [21-0022], [21-0184], [21-0292], [21-0293], [21-0826]


title
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

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. It is anticipated that we will contract for the property but will not close on the contract until spring 2021.
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 Properities.

Land values:


Much of the information about this project is available on the Town's web site at https://www.townofchapelhill.org/businesses/east-rosemary-street-redevelopment-project.

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 from our General Fund until the bond debt for parking deck construction is authorized and issued

Key Issues:
* T...

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