SUBJECT:
Title
An Ordinance of the Town Council of the Town of Erie Approving the Purchase of Real Property from TI Residential, LLC and Approving the Associated Purchase and Sale Agreement
Department
DEPARTMENT: Parks & Recreation
Presenter
PRESENTER(S): Luke Bolinger, Director of Parks & Recreation
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Time
TIME ESTIMATE: 0 Minutes
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Fiscal
FISCAL SUMMARY:
Cost as Recommended: $476,100
Balance Available: $7,431,020
Fund Trails & Natural Areas Fund
Line Item Number: 210-50-110-604500-000000
New Appropriation Required: Yes
Policy
POLICY ISSUES:
Consideration of the Town Council to appropriate and expend funds from the Trails, Natural Areas Fund (TNAF) to acquire this property and devote it to open space and trails.
Recommendation
STAFF RECOMMENDATION:
Approve the ordinance authorizing the purchase, authorize the Town Manager to execute the Purchase and Sale Agreement, and authorize staff to expend funds to acquire the property.
Body
SUMMARY/KEY POINTS
* This item is before Council to consider approval of a Purchase and Sale Agreement for 31.74 acres of priority open space identified by OSTAB.
* Upon Council approval, staff will initiate a 45-day due diligence period, including environmental review, ALTA survey, and title examination, funded through TNAF.
* The negotiated purchase price of $476,100 reflects a $473,900 reduction from the appraised value of $950,000, which the seller intends to treat as a charitable donation.
BACKGROUND OF SUBJECT MATTER:
Earlier this year, representatives of the property owner reached out to staff after receiving a courtesy open space inquiry letter sent annually by members of the Open Space & Trails Advisory Board (OSTAB). As part of OSTAB's annual work plan, a letter is sent to property owners in Erie's planning area indicating the Town's interest in purchasing and preserving land for open space. This property has long been identified by OSTAB and staff as a priority par...
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