Label
DEDAmendmenttoNasbyRealEstatePurchaseAgreement
Department of Economic Development
B. Sehlhorst (x1692) / P. Syring (x1025)
Revised
Title
Authorizing the Mayor to enter into an Amendment to a Real Estate Purchase Agreement with Nasby LLC for the purpose of adjusting the purchase price to $185,000 for sale of the former TARTA Park Station property located at 611 and 617 Madison Avenue; making certain findings with respect thereto; authorizing the deposit of net sale proceeds into 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 amend the Agreement to adjust the Purchase Price for the sale of the TARTA Property to $185,000 to accurately reflect and provide for the City's recoupment of the City's acquisition cost.
The fiscal impact of this ordinance is as follows:
- The amount of funds requested: None
- New revenue generated (operational revenue, grants, if any): $185,000
- Revenue budget line item (if any): 5040-16400-8CP2133TARTAP
- Are funds budgeted in the current fiscal year (yes/no)?: Not appli...
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