Title
Resolution to Approve the Purchase of Real Property Located at 730 Madison Place in Fee Title for $300,000 Plus Costs Not to Exceed $20,000 and to Appropriate Funding from the Solid Waste Fund Balance ($320,000) (8 Votes Required)
Memorandum
Below for your review and action is a resolution to approve the purchase of the vacant property located at 730 Madison Place, Ann Arbor (approximately 24,585 square feet or 0.56 acres), Tax Parcel 09-09-29-324-050 in fee title for $300,000.00 from the Seller, The Estate of Mary Walsh Smith on the terms set forth in the proposed Agreement of Purchase and Sale (see attached).
The parcel in question is currently vacant and is a double lot located at the dead-end of Madison Place. There is no cul de sac to allow vehicles to turn around. City solid waste vehicles are unable to turn around after servicing the residences on this part of Madison Place and must back out for a significant distance. If purchased, the Parcel could be used as a turn-around by City solid waste vehicles. In addition, the City also benefits from acquiring the Property because it will ensure the City has continued access for various maintenance activities.
In compliance with the requirements of Code Section 1:321, the City obtained an appraisal of the Property in May 2021 which determined the Property's fair market value to be $360,000. The proposed purchase price of $300,000 less than the opinion of value in the City's appraisal.
Budget/Fiscal Impact: Funds for this property purchase are available in the unrestricted Solid Waste Fund balance and should be appropriated to the existing Dead-End Streets Capital Project Budget.
Funding for the purchase will include the purchase price plus due diligence and closing costs for a total amount not to exceed $320,000.
Staff
Prepared by: Timothy S. Wilhelm, Deputy City Attorney
Reviewed by: Craig Hupy, Public Services Area Administrator
Approved by: Milton Dohoney Jr., Interim City Administra...
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