Title
Resolution to Authorize the City Administrator to Negotiate the Sale and Development of 415 West Washington Street and 309 South Ashley Street
Memorandum
This resolution authorizes the City Administrator to enter into negotiations for the sale and redevelopment of two City-owned parcels: Kline's Lot, a 1.31-acre surface parking lot located at 309 South Ashley Street, and 415 West Washington Street, a 2.5-acre site formerly used as the City's Parks and Recreation operations center. In February 2025, Council retained CBRE, Inc. as the City's real estate broker for both sites. Following distribution of offering memorandums to CBRE's network and subsequent negotiations, CBRE presented the most responsive proposals for each site to Council at a Work Session in July 2025. After review, the City Administrator recommends Hines Development as the preferred bidder for Kline's Lot and BaseBld as the preferred bidder for 415 West Washington. The resolution authorizes the City Administrator to negotiate final agreements with these preferred bidders, with such agreements subject to City Council approval.
Budget / Fiscal Impact: The sale of Kline's Lot and 415 West Washington is anticipated to generate significant one-time revenue to the City through the purchase price proceeds, subject to final negotiated agreements. In addition, redevelopment of the sites could result in new property tax revenue streams to the City upon project completion, thereby strengthening the City's long-term fiscal base. Final fiscal impacts, including allocation of sale proceeds, reimbursement of brokerage fees, potential use of TIF, and projected tax revenues, will be determined through negotiated agreements and subsequent Council approvals. No immediate expenditure of General Fund resources is required to implement this resolution beyond existing appropriations for brokerage services previously authorized.
Staff
Prepared by: Joseph R. Giant, Director of Economic Development
Reviewed by...
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