To

Mayor and Council

Subject

Transfer of Property to the Development Authority of Columbus

Initiator

City Manager's Office

Recommendation

The Development Authority of Columbus (Authority) has requested that the City \n \n transfer to them 4.5 +/- Acres of property at 1825 Victory Drive a/k/a \n \n 022-001-002. The transfer of this property will allow the Authority to \n \n construct a facility for a prospect (see Tax Map).

Approval

Approved

Background

The City will convey ownership of 4.5 +/- acres along Victory Drive to the

Development Authority of Columbus. The Victory Drive location has a high

traffic count and is in an excellent location. The Authority will work with

the prospect to solidify financing for the construction of a 30,000 +/- square

foot facility. The Authority will lease the building to the prospect, (the

company name of the project is "Seal").

Analysis

The transfer of the Victory Drive property will allow the Development Authority

to construct a 30,000 +/- square foot facility to lease to the prospect for

economic development.

Financial Considerations

The current fair market value of the property is $675,000.00.

Projected Annual Fiscal Impact Statement

Legal Considerations

Council must approve the transfer of the Victory Drive property to the

Authority.

Recommendations/ Actions

Request Council approve the transfer of the Victory Drive property to the

Development Authority of Columbus to promote economic development.

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