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. , , . <br /> ECONOMIC AND URBAN DEVELOPMENT MEMORANDUM <br /> No. 06-175 <br /> August 2, 2006 <br /> TO: Mayor Paul Osborne and City Council Members <br /> FROM: Steve G , City Manager <br /> Dane C. agg,Assistant City Manage� <br /> SUBJECT: Purchase of Property—240-256 North Church Street <br /> SUMMARY RECOMMENDATION: Sta.ff recommends approval of the attached <br /> agreement to purchase the property located at 240-256 North Church Street for and in <br /> consideration of$185,000. As part of the purchase contract, the owner agrees to deliver <br /> the premises after demolition of the existing structures. City staff recommends the <br /> acquisition of the property in order to expand municipal parking Lot 4. <br /> BACKGROUND: The subject property conta.ins 8,461 square feet and two existing <br /> structures. The property is owned by TMS, LLC and was purchased in 2001 for <br /> $123,000. Terry Smith is the registered agent of TMS, LLC and the only officer of the <br /> corporation. The property has been appraised at a value of$102,000. The purchase price <br /> includes the appraised value and$83,000 to demolish the premises. <br /> An expansion of the parking area will add approximately 23 parking stalls. Detailed <br /> construction plans will be prepared upon acquisition of the property and City staff plans <br /> to present bids for the project in Spring 2007. <br /> POTENTIAL OBJECTION: N/A. <br /> INPUT FROM OTHER SOURCES: Additional parking in this azea has been <br /> requested by the Decatur Club, Block's Brewery, Bizou and others in and around this <br /> block. <br /> STAFF REFERENCE: Any additional questions may be forwarded to Dane Bragg at <br /> 424-2727 or dbrag�c decaturnet.org. <br /> BUDGET/TIME IMPLICATIONS: The purchase price will be paid from the Olde <br /> Towne TIF Fund(19). <br />