To

Mayor and Council

Subject

Release of Reversionary and Restrictive Clause on Property at 2400 13th Street

Initiator

David Arrington, Deputy City Manager

Recommendation

Authorize the City Manager to release the reversionary and restriction clause \n \n included in the Quit Claim deed on property located at 2400 13th Street a/k/a \n \n Tax Map 185 051 005.

Approval

Pending

Background

Resolution 28-09 approved by Council in January 2008 authorized the conveyance

of property located at 2400 13th Street to the adjacent property owners. The

conveyance of the property included a reversionary and restriction clause that

provided the property would revert back to the City if needed for future road

improvements and no permanent structures could be built on the property.

Analysis

The property located at 2400 13th Street was convey to the adjacent property

owners as approved in Resolution 28-09. The property owners properly

re-platted the property into the adjacent lot creating a single lot which

included an office building and parking lot. The owners now have plans for the

property which will require the property to be utilized as collateral by a

bank. The reversionary and restrictive clause in the deed for the property

conveyed by the City is a barrier to the owners moving forward with development

plans. The City no longer has plans for road improvements to 13th Street in

this area. There are no current or future plans for transportation

improvements in the area beyond required maintenance.

Financial Considerations

The release of the deed restrictions will not have a financial impact since the

City does not have a planned use for the property.

Projected Annual Fiscal Impact Statement

None

Legal Considerations

Council must approve all matters relating to real estate.

Recommendations/ Actions

Authorize the City Manager to release the reversionary and restriction clause

included in the Quit Claim deed on property located at 2400 13th Street a/k/a

Tax Map 185 051 005.

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