DATE: November 25, 2015
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Vernon Gerth, Assistant City Administrator
Bob Martin, Interim Planning Director
Kelly Dannenfelser, Principal Planner
Brian Wilcox, Purchasing Manager
SUBJECT:
title
Consideration of Options and Staff Recommendation for 403 and 405 5th Avenue North - "The Hill"
body
Purpose
The purpose of this memorandum is to identify and outline the general process and merits, all for consideration by the Board of Mayor and Aldermen, of various options for 403 and 405 5th Ave. North.
Background
403 and 405 5th Ave. North, alternatively addressed as 403 and 405 Hillsboro Road and known informally by some as "The Hill," is currently owned by the City. The original purchase by the City took place in 1961 and additional land was purchased by the City in 1981. Most recently, it is the former site of City of Franklin Water Management Department headquarters and the Fleet Maintenance facility. Previously, it also served as headquarters of the City's Department of Sanitation and Environmental Services as well as the solid waste transfer station for that department.
According to May and June, 2015 appraisals of the property obtained by the City, the as-is market value ranges from $1.82 to $2.55 million. From an accounting point of view, according to a June 9, 2015 staff analysis, the real estate is a City asset jointly held by the General Fund and the Water & Sewer Fund (in the approximate ratio of 61% to 39%, respectively). (Although Sanitation operated at the site, there is no evidence that any Sanitation related revenue stream or expense was used to purchase land or construct buildings at the site.) This joint title means one fund could buy out the other, based on an appraised value, or proceeds from sale or lease of the property could be apportioned according to the above ratio. Note that, to protect the City's water and wastewater ra...
Click here for full text