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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 AUTHORIZING THE TOWN MANAGER TO PROCEED WITH ACQUISITION AND LAND EXCHANGE TO SUPPORT THE EAST ROSEMARY REDEVELOPMENT AND THE CONSTRUCTION OF A PARKING DECK (2020-09-30/R-8) as Amended, 8. 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: