Title
Agenda Item:
Update on Isthmus Parcels Acquisition
Body
Issue:
Provide Council with an update on our progress towards acquisition of the Isthmus parcels located at 505 and 529 4th Avenue W. in Olympia.
Committee Recommendation:
N/A
City Manager's Recommendation:
Progress Update. No action requested.
Staff Contact:
Jay Burney, Assistant City Manager, 360.753.8740
Tom Morrill, City Attorney, 360.753.8223
Presenter(s):
Jay Burney, Assistant City Manager
Background and Analysis:
On April 23, 2013, Council authorized the City Manager to sign a Purchase and Sale Agreement (PSA) between the City and Capital Shores Investments for acquisition of two properties on Olympia's Isthmus located at 505 and 529 4th Avenue W. The PSA contains a clause that the acquisition is contingent upon the City receiving money through the State, as well as a clause that purchase is contingent on the City receiving favorable results from its environmental assessment of the properties. Staff will update Council on our progress to-date on the contingencies and next steps.
Neighborhood/Community Interests (if known):
The City has worked in partnership with the Olympia Capitol Park Foundation to lobby and secure funding for acquisition of these parcels.
Options:
Progress update, no options provided.
Financial Impact:
The PSA sets a purchase price of $3,100,000, plus the amount required to pay all real property taxes on the properties, currently estimated at around $200,000, bringing the total purchase price to around $3,300,000. Council has set aside $1,700,000 for the purchase of these properties, and we have received $600,000 in Conservation Futures funding from Thurston County. We are seeking the remaining $1,000,000 from the State through the 2013 budget cycle. The PSA contains a clause that the acquisition is contingent upon the City receiving money through the State by May 30, 2013.