DATE: April 13, 2018
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Vernon Gerth, Assistant City Administrator for Community and Economic Development
SUBJECT:
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Consideration of Resolution 2018-38, A Resolution Authorizing The City Administrator To Forward a Letter To the Tennessee Department Of Transportation - Excess Land Committee Waiving The City's Right To Purchase A Strip Of Excess Right-Of-Way And To Execute A Cross-Access Easement Agreement With Franklin Investment Holdings, LLC. (04/24/18 WS)
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Purpose
The purpose of this memorandum is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning submitting a correspondence to the Tennessee Department of Transportation Excess Land Division waiving the City's right to purchase as small piece of unused TDOT Right-of-Way known as a segment of Riverside Drive and in turn, support the sale and transfer of this unused right-of-way to Franklin Investment Holdings, LLC provided a cross-access easement and perpetual maintenance agreement through the adjacent vacant property is established in conjunction with the planning and future development of this property. This vacant property being developed by Franklin Investment Holdings, LLC is located primarily between the Home Depot and I-65 and, to the south of the Home Depot along a portion of Oak Meadow Drive.
Background
Warner Bass and Bob Goodall have recently established a partnership know as Franklin Investment Holdings, LLC and intend to develop the vacant land located primarily between the Home Depot and I-65 and, to the south of the Home Depot along a portion of Oak Meadow Drive. Riverside Drive presently terminates at the north end of Franklin Investment Holdings, LLC property and Oak Meadow Drive borders their southern property line. The unimproved segment of Riverside Drive that extends north to south parallel to and adjacent to the Franklin Investment Holdings, LLC property ...
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