Lot E Public Parking Land Acquisition
- 517 W Saint John St.
June 20, 2023
Item 8.2
OEDCA
Nanci Klein, Director
OEDCA
Kevin Ice, Senior Real Estate Manager
Background
2 2016 Settlement Agreement between City, Trammel Crow, and Sharks obligates the City to acquire parcels needed to
construct the Lot E Parking Facility
City Council approved use of eminent domain to acquire 517 W Saint John Street and 150 N Montgomery Street on
October 18, 2022
Staff directed to seek mutually agreeable settlement for acquisition and avoid condemnation, if possible
Recommendation
3 Adopt a resolution authorizing the City Manager, or designee, to:
Negotiate and execute a Purchase and Sale Agreement with the Thorson and Della Maggiore families for $5,100,000
Issue an I.R.S. Section 1033 exchange letter to Sellers Execute all other documents and pay all expenses necessary to effectuate the transfer of 517 W Saint John Street to the City 4 Lot E Parking Facility Footprint
517 W. Saint John St. Summary
5 Purchase Price: $5,100,000
• $260.87 per sq. ft.
Size: 19,166 sq. ft. (0.44 acres)
As-is sale
Improved with a warehouse
• Thorson Tile & Stone
• Sharks Sports & Entertainment
• Relocation costs estimated at
$275,000
• Closing costs estimated at $10,000
Thank you!
Staff are available for questions.