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Authorize the Town Manager to Sign a Letter of Intent on an Exchange of Property Associated with the West Rosemary Hotel Project.
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Staff:
Department:
Dwight Bassett, Director
Economic Development and Parking Services
Overview: The Town owns a small, 16-space parking lot on West Rosemary Street, behind the former Town Hall. The lot is typically under-used as compared to other Town lots.
When the developer of the proposed West Rosemary Hotel purchased the future hotel property, the transaction included a small house on Pritchard Avenue which they do not need for the hotel. The developer is proposing to exchange the Pritchard Avenue parcel for the Town's 16-space lot so he can replace the parking with a green space around former Town Hall. This green space would then be reviewed as part of the hotel entitlement process.
The Town has an interest in creating affordable housing when the opportunity arises. The Town's Housing and Community staff has evaluated the Pritchard Avenue lot and believes we could rehabilitate the house or remove it and build something new on the property.
Appraisals commissioned by the Town and paid for by the developer show the following values on the property:
208 Pritchard Avenue - $550,000 Parcel ID: 9788279667
110 West Rosemary Street- $640,000 Parcel ID: 9788370535
Difference $90,000
We suggest that the $90,000 the Town would receive in the exchange be used toward whatever future use the Town decides for the Pritchard Avenue property.
This property exchange was presented at the Council Committee on Economic Sustainability on May 7, 2021.
This Letter of Intent would also authorize the Town Manager to sign a rezoning application for the Town parcel. This would not prevent the Town from continuing to operate the parking lot or other uses if the sale does not take place.
The Letter of Intent is a non-binding agreement and subject to the authorization of the Purchase and...
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