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Consider/Discuss/Act on a Resolution for the Purchase of Approximately 50 Acres of Land South of US 380 and East of Gray Branch Road
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MEETING DATE: June 18, 2013
DEPARTMENT: Parks, Recreation and Open Space
CONTACT: Lemuel Randolph, Director of Parks, Recreation and Open Space
RECOMMENDED CITY COUNCIL ACTION:
- Approval of the Resolution.
ITEM SUMMARY:
- The proposed resolution authorizes the City to enter into a contract to purchase approximately 50 acres of land south of US 380 and east of Gray Branch Road.
- This property is adjacent to the City's 101 acre future Gray Branch Park to the south.
- The requested amount is not to exceed $1,500,000.
- The purchase price is in an amount equal to the greater of:
- $1,250,619.00; or:
- The sum of:
- $6.00 times the number of square feet of the Land not located within the 100 year floodplain shown on the Survey; plus
- $6,000.00 times the number of acres of the land located within the 100 year floodplain as shown on the Survey.
- $10,000 in closing costs in addition to the two bullets above.
- A survey will be conducted once the contract is in place.
FINANCIAL SUMMARY:
- Funds for land acquisition are available in PK2262.
BOARD OR COMMISSION RECOMMENDATION: