Label
DEDPurchaseofTARTAProperty
Department of Economic Development
B. Sehlhorst (x1692) / P. Syring (x1025)
Title
Authorizing the Mayor to enter into a Real Estate Purchase Agreement with Toledo Area Regional Transit Authority for the City's purchase of real property located at 611 and 617 Madison Avenue, Toledo, Ohio, known as the TARTA Park Station property; authorizing the appropriation and expenditure of $190,000 from the Capital Improvement Fund; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
On October 20, 2017, pursuant to Ordinance 433-17, the City entered into a Real Estate Purchase Agreement ("Agreement") with Nasby LLC for the sale and redevelopment of the city-owned Nasby building. As a condition of the sale of the Nasby building, the City agreed to acquire the adjacent former Park Station property ("Subject Property") from Toledo Area Regional Transit Authority ("TARTA") and convey it to Nasby LLC as a critical component to the redevelopment of the Nasby building.
Since the date of the Agreement, TARTA has been working with the Federal Transit Administration ("FTA"), in accordance with applicable federal regulations, to secure approval to sell the Subject Property to the City. TARTA now has the FTA's approval to sell the Subject Property to the City for its appraised value of $185,000. In order to satisfy the condition of acquiring the Subject Property as set forth in the Agreement, the City wishes to acquire the Subject Property from TARTA for $185,000 and anticipated closing costs not to exceed $5,000 and, through a separate authorizing ordinance, further convey the same to Nasby LLC for $185,000.
The fiscal impact of this ordinance is as follows:
- The amount of funds requested: $190,000
- The expenditure budget line item: : 5040-16400-8CP2133TARTAP
- New revenue generated (operational revenue, grants, if any): $0
- Revenue budget line item (if any): N/A
- Are funds budgeted in the current fiscal year (yes/no)?: No
- Is this a c...
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