Council
Communication

Office of the City Manager
 
 

Date

April 10, 2006

 

Agenda Item No.       17

Roll Call No.              06-

Communication No.  06-188

Submitted by:  Jeb E. Brewer, P.E.,

                          City Engineer

 

AGENDA HEADING:

 

Resolution Establishing Fair Market Value and Authorize Acquisition of Property for the Agrimergent Technology Park Project by Gift, Negotiation, or Condemnation.

 

 

SYNOPSIS:

 

Recommend approval of Fair Market Value and authorization to acquire property interests.

 

 

FISCAL IMPACT:

 

Amount:  $495,500.00

 

Funding Source:  2006-07 CIP, Page 5, Economic Development – Agrimergent Technology Park-2005, being $400,000 maximum Federal Housing and Urban Development (HUD) Funds under URR095 with the remainder from City Economic Development Funds under SE Ag Park Area, URR035.

 

 

ADDITIONAL INFORMATION: 

 

Dale L. and Janice L. Campbell are the property owners of the 1500 Block of SE 37th Street (tax parcel: 050/03346-000-000), which has been appraised at $17,000.  Dean R. Meyer is the owner of 3740 Vandalia Road, which has been appraised at $300,000.  Norma Duvall Mitchell is the owner of 1412 SE 37th Street, which has been appraised at $116,000.  Robert Swift is the property owner of 1411 SE 37th Street, which has been appraised at $62,500.  This action establishes fair market value and authorizes acquisition of property interests as part of the Agrimergent Technology Park Project.  The fair market values listed above are based on independent appraisals and the appraisals have been reviewed by the City of Des Moines' Real Estate Division Appraiser.

 

Currently there is approximately $1.13 million available for acquisition, relocation and demolition associated with the assemblage of property for the Agrimergent Technology Business Park.  $400,000 is available in HUD funds and $730,000 is available in City funds.  Staff anticipates that the relocation and demolition costs will utilize the remainder of this funding for the acquisition of the above referenced properties.

 

Staff is currently applying for additional HUD funds for continued acquisition of necessary property within Phase 1 of the Agrimergent Technology Park.  These additional funds will allow the City to purchase the industrial property at SE 35th Street and E. Granger Avenue, leaving only four active commercial properties fronting Vandalia Road as the remaining unfunded properties to be acquired to complete Phase 1 acquisition, north of Vandalia Road between SE 34th Street and SE 38th Street.

 

 

PREVIOUS COUNCIL ACTION(S):

 

Date:  June 17, 2002

 

Roll Call Number:  02-1591

 

Action:  Authorization for acquisition of property for Phase 1 of the Agrimergent Technology Park Project.

           

 

BOARD/COMMISSION ACTION(S):  NONE

 

Date: 

 

Roll Call Number:      

 

Action:           

 

 

ANTICIPATED ACTIONS AND FUTURE COMMITMENTS:  NONE