To

Mayor and Council

Subject

Bankers Boulevard - Permanent Street Segment Closure \n \n

Initiator

Department of Engineering

Recommendation

Approval is requested to declare the street segment and right-of-way of Bankers \n \n Boulevard from its north right-of-way line south a distance of 141 feet as \n \n surplus and transfer said property by Quit Claim to TIC Credit Union in \n \n exchange for Parcel "A and "B" described by the attached plat.

Approval

Approved

Background

The TIC Federal Credit Union plans to construct a new building centered on the

existing north segment of Bankers Boulevard by combining two existing lots, one

on the west side where the existing Credit Union building is today with a lot

they own on the east side of Bankers Boulevard. To accomplish this new

construction, the City needs to delete this street segment/right-of-way from

the Official Street Map, declare it surplus in order to exchange property with

TIC to construct a new permanent cul-de-sac just south of the new building.



Today, Bankers Boulevard terminates into the Peachtree Mall parking lot.

Traffic Engineering contacted the adjacent property owners by letter on

November 23, 2004 concerning the proposed construction and did not receive any

opposition. TIC and Peachtree Mall entered into an official agreement to

include inter-parcel access between their properties.

Analysis

The proposed development of a new TIC building can be accomplished by the City

quit claiming the north segment of Banker Boulevard (parcel "C") to TIC in

exchange for TIC deeding two parcels (parcels "A" and "B") described by the

attached plat referred on Survey of Part of TIC Federal Credit Union Property

Lying in Land Lot 34, 8th District. With this property exchange, TIC will

construct a permanent cul-de-sac for Bankers Boulevard for street acceptance.

Financial Considerations

The exchange of property on Bankers Boulevard will not include exchange of

funds.

Projected Annual Fiscal Impact Statement

Legal Considerations

The declaring of street segment as surplus requires Council approval.

Recommendations/ Actions

Authorize a segment of Bankers Boulevard declared surplus, quit claim to TIC

Federal Credit Union in exchange for two parcels to construct a permanent

cul-de-sac near their south property line.

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