To: Honorable Mayor and Members of Town Council
From: Robert J. Slentz, Town Attorney
Title
Resolution Approving a Contract to Buy and Sell Real Estate for the Acquisition of Real Property Located at 830 N. Wilcox Street
Body
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Executive Summary
The Contract to Buy and Sell Real Estate approved by this Resolution provides for the Town’s acquisition of the .19-acre parcel at 830 N. Wilcox for $849,000, which amount reflects current market value as evidenced by a Town-commissioned appraisal. Given that the site is operated as a retail gas station, we will have a Phase II environmental assessment completed to verify that there are no unacceptable conditions with the underground storage tanks on the site. Closing will be dependent on verification of acceptable title, and environmental conditions. In addition to the acquisition cost, post-closing the Town will be responsible for decommissioning the gas station and re-purposing the site for its intended use. We do not yet have a firm number for those costs.
Staff Recommendation
Staff recommends approval of the Contract, as presented.
Proposed Motion
“I move to approve the Resolution as introduced by title.”
Attachments
Attachment A: Resolution
Exhibit 1: Contract