DATE: January 13, 2015
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Vernon Gerth, ACA - Community and Economic Development
SUBJECT:
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Consideration of Contract 2014-0329, an agreement for the conveyance and dedication of in-kind property or cash donation for the future Goose Creek area Fire Hall - Station 7. (01/13/15 WS).
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Purpose
The purpose of this memorandum is to update the BOMA on the potential donation of cash in lieu of receiving 1.31 acres for the future City of Franklin Fire Hall - Station 7.
Background
In 2005, a condition of approval of the Rural Plains section of the Berry Farms Development was the donation of lot 199 for a future Fire Hall. Lot 199 is approximate 1.31 acres in size. The developer, Boyle Investment Company has requested consideration of the City accepting a cash donation in lieu of the property. Boyle Investment Company has a potential purchaser who is considering purchasing Lot 199 and the adjacent parcel. The agreement, if approved, provides for a cash donation to the City based on the per square foot sales price of the two parcels net closing costs times the 57,064 square feet of Lot 199. If the potential purchaser is unable to complete the purchase, the City would receive title to Lot 199.
Since the City has recently negotiated with Williamson County a more strategically located site for Fire Hall #7 on the east side of I-65 it is desirable to pursue the cash donation rather than accepting Lot 199.
Financial Impact
If the sale of the two parcel is successful, the City would receive current market value for Lot 199. Having recently negotiated a site for Fire Hall #7 with Williamson County adjacent to the AG Center on the east side of I-65, the potential of securing a cash donation in lieu of land provides immediate access to funds needed to move forward with the construction of this new Fire Hall.
Recommendation
Staff recommends approv...
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