To

Mayor and Council

Subject

Purchase/Lease of Property on Fort Benning Road

Initiator

City Manager's Office

Recommendation

Approval is requested to purchase property at 1044 Fort Benning Road a/k/a \n \n 064-029-006 and to lease back the building for five (5) years at $600 a month \n \n with the tenant providing all the maintenance on the building in Columbus, \n \n Georgia (see attached tax map).

Approval

Approved

Background

The property has been in the possession of the owner since February 1991 and

consists of 2.8 +/- acres in the Enterprise Zone. This property is adjacent

to properties that have been assembled by the City for development of a Urban

Industrial Park to encourage job creation.

Analysis

The property is needed to develop an Urban Industrial Park to promote job

creation in the enterprise zone.

Financial Considerations

The purchase price of the property has been appraised at $350,000. A Warranty

Deed will transfer the property. The City will lease back the building for a

period of five (5) years at $600 a month as stipulated in the Sales Contract.

Projected Annual Fiscal Impact Statement

Legal Considerations

Council must approve the purchase of real estate.

Recommendations/ Actions

Approval is requested to purchase the above-identified property and to lease

back the building for five (5) years for $600 per month.

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