Label
DNBDTriadSale
Department of Neighborhood and Business Development
Brandon Sehlhorst (x1692)
(Revised)
Title
Authorizing the mayor to enter into a Real Estate Purchase Agreement with Michael Cattell and to execute and deliver needed instruments for the sale and conveyance of 6.5 acres of city-owned real property at Triad Business Park, in Monclova Township, Lucas County, Ohio; making certain findings with respect thereto; waiving the competitive bidding and advertising provisions of TMC 187.19; authorizing the deposit of net sale proceeds into the Property Management Fund; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
The City of Toledo is the owner of certain real property located in Monclova Township known as Triad Business Park. Pursuant to the City's desire to sell this surplus real property for development purposes, the City entered into a listing agreement with Miller Danberry Commercial Realty to market the real property for sale and development. Through their marketing efforts, Miller Danberry has procured and presented the City with an offer from Michael Cattell to purchase 6.5+ acres in Triad Business Park Plat Two, Lot 7. The subject real property is located within the Maumee-Monclova-Toledo Joint Economic Development Zone.
Michael Cattell will develop the real property with a managed self-storage facility. The purchase offer reflects the negotiated price for the site of $292,950. The purchase offer also calls for a $10,000 earnest money deposit to be credited to the purchase price, or, should purchaser's due diligence reveal real property deficiencies that prevent development, refunded. In the event of a refund, the purchaser will provide the City with of any surveys, environmental assessments, other studies or test results verifying the deficiencies that prevent development.
Development of this real property is further subject to the requirements of the Monclova Township Zoning Resolution and/or Lu...
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