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Date
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November 9,
2009
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Agenda
Item No. 46 Roll
Call No. 09-
Communication No. 09-782 Submitted by:
Jeb E. Brewer, P.E., City Engineer |
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AGENDA
HEADING:
Continuance
of hearing for vacation and conveyance of the North/South alley adjoining 101
S.W. 5th Street to Rumely Lofts Limited Partnership for $13,959.
SYNOPSIS:
Recommend
vacation and conveyance of such property to Rumely Lofts Limited Partnership,
George E. Sherman, Officer, 233 Park Avenue South, Suite 201, Minneapolis,
Minnesota, 55415, for $13,959. This
action was continued on October 26, 2009, at the request of Rumley Lofts
Limited Partnership, and is required by Iowa law prior to making a final
determination on the proposed sale by resolution. There is no current or anticipated need for
this property.
FISCAL
IMPACT:
Amount: $13,959 (Revenue)
Funding Source: Sale
proceeds will be deposited into the Property Maintenance Endowment Fund, SP767,
ENG980500. The
first $175,000 of annual proceeds to the Property Maintenance Endowment Fund
will be returned to the General Fund (GE001, ENG040700) to offset the operating
budget of the Engineering – Real Estate Division.
ADDITIONAL
INFORMATION:
On September 14, 2009, by Roll Call No. 09-1637, the
City Council adopted a recommendation from the City Plan and Zoning Commission
that the North/South alley adjoining 101 S.W. 5th Street be vacated
and sold subject to the following conditions:
1)
Conveyance shall be subject to the execution of the
applicant’s purchase agreements for 104 S.W. 4th Street and 101 S.W.
5th Street, and to the alley being developed in conjunction with the
conversion of the Rumely Building, 104 S.W. 4th Street, into
multiple-family dwelling units.
2)
The brick paver alley shall be repaired and
incorporated into the redevelopment of the adjoining parcels unless the
Community Development Director determines that it is not practical. The brick pavers shall be salvaged in
accordance with the City’s Brick Salvage Policy as approved by the City Council
on October 7, 2002, by Roll Call No. 02-2471 if the pavers are removed.
3)
Reservation of easements for any existing utilities
as necessary.
Rumely Lofts Limited Partnership has submitted an
offer to purchase the above referenced property for $13,959, which is equal to
the estimated restricted fair market value.
The size of this parcel is approximately 1,551 square feet. The property is being sold subject to a
no-build restriction, along with the conditions listed above. The buyer will be required to pay an additional
$13,959 in the future to have the no-build restriction released.
The purchase of this property will allow the Buyer
to assemble the vacated alley right-of-way with the commercial properties they
are purchasing at 104 S.W. 4th Street and 101 S.W. 5th
Street for development of a parking lot to serve the Rumely Building, which
they plan to redevelop with residential dwelling units. The conveyance of the alley will not take
place until Rumely Lofts Limited Partnership closes on the purchase and can
demonstrate ownership of the abutting property.
Furthermore, if the project is not completed, then the alley will remain
in City ownership.
PREVIOUS
COUNCIL ACTION(S):
Date:
October 26, 2009
Roll
Call Number: 09-1965
Action: On vacation and conveyance of the north/south
alley adjoining 101 SW 5th Street to Rumely Lofts Limited
Partnership for $13,959 and to continue to November 9, 2009 at 5:00 PM. (Council Communication No.
09-747) Moved
by Hensley to continue the public hearing until November 9, 2009 at 5:00 PM in
the Council Chambers. Motion Carried
7-0.
Action: Vacation and conveyance of the north/south alley
adjoining 101 SW 5th Street to Rumely Lofts Limited Partnership for
$13,959 and to continue to October 26, 2009 at 5:00 PM. (Council
Communication No. 09-687)
Moved by Hensley to adopt and to continue the public hearing until October 26,
2009 at 5:00 PM in the Council Chambers.
Motion Carried 6-1. Absent: Meyer.
Roll Call Number:
City Plan and Zoning Commission