Title
Approval of Resolution Authorizing the Use of General Funds Towards the Acquisition of Real Property from the Dawley Trusts for Use for Future Multi-Residential/Commercial Use
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Move to approve a Resolution authorizing the use of General Funds towards the acquisition of real property from the Dawley Trusts for ten (10) acres to be set aside for future development of a multi-residential/commercial area in conjunction with the City’s purchase of the property commonly known as “Bentridge” from Gregg O. Dawley and Kristi A. Dawley, as trustees of the Dawley Family Trust dated October 16, 2008, Douglas L. Dawley and Paula P. Dawley, as trustees of the Revocable Trust of Douglas L. Dawley dated April 2, 2004, and Shirley G. Dawley, as trustee of the Robert E. Dawley Trust, dated November 8, 1983.
Report
Issue:
Whether to approve a Resolution authorizing the use of General Funds towards the purchase and use of 10 acres in the southwest quadrant of the real property commonly known as the “Bentridge” property for future use as a multi-residential/commercial area?
Staff Contact:
Mark Barber, City Attorney, 360.753.8223
Presenter(s):
None - Consent Calendar Item.
Background and Analysis:
The City of Olympia has entered into a Real Estate Purchase and Sale Agreement to acquire the property commonly known as “Bentridge” from Gregg O. Dawley and Kristi A. Dawley, as trustees of the Dawley Family Trust, dated October 16, 2008, Douglas L. Dawley and Paula P. Dawley, as trustees of the Revocable Trust of Douglas L. Dawley dated April 2, 2004, and Shirley G. Dawley, as trustee of the Robert E. Dawley Trust, dated November 8, 1983, for public open space. The “Bentridge” property consists of about 72 acres, more or less.
Multi-residential housing and a commercial area would require about 10 acres, more or less, of the property being acquired by the City from the Dawley Trusts. The City has negotiated to purchase the 72-acre “Bentridge” property from the Dawley Trusts for a total price of $6,900,000 or $95,833 per acre. City staff recommends using General City Funds in the sum of $958,333 towards the City’s purchase of the Bentridge property for the 10 acres needed for multi-residential/commercial use.
Neighborhood/Community Interests (if known):
There is community interest in preserving and acquiring the area commonly referred to as LBA Woods (Bentridge) as open space and for parks use. The future 10 acre multi-residential/commercial area in the southwest quadrant of the “Bentridge” property would permit needed housing and a neighborhood commercial/retail area in southeast Olympia.
Options:
1. Approve the Resolution to use General City funds in the amount of $958,333 for a 10-acre portion of the Bentridge property for future use as a multi-residential/commercial area in the southwest quadrant of the “Bentridge” property.
2. Do not approve the use of $958,333 in General City funds for a 10-acre portion of the purchase of the “Bentridge” real property for use as a multi-residential/commercial area in the southwest quadrant of the Bentridge property.
Financial Impact:
Council has previously appropriated General City funds in the amount of $958,333 to be applied towards the purchase of the “Bentridge” property for acquisition of 10 acres for use as a multi-residential/commercial area in the southwest quadrant of the “Bentridge” property.
Attachments:
Resolution.