Agenda Report for Quit Claim Deed to Bobby G. Penny
Initiator
Department of Engineering
Recommendation
Approval is requested to execute a Quit Claim to Bobby G. Penny and Connie \n \n Penny in exchange for property needed for the St. Mary's widening Project \n \n STP-8038(7).
Approval
Approved
Background
The City is in the process of buying Right of Way for St. Mary's Road Widening
Project (from Buena Vista Road to Robin Road). In the process of acquisition,
the City needs to acquire property from Mr. & Mrs. Penny at 110 Brennan Road
(parcel 62). Adjacent to the Penny property is a parcel (parcel 5r and a
portion of 6r) that had to be purchased, leaving a remainder that is too small
or odd shaped to be functional (see attached). The Penny's requested the city
sell a portion of said property for the fair market value of the uneconomic
remaining property (0.176 acres) to them. The Fair Market Value amount paid to
the Penny's for the taking on their property does not equal the Fair Market
Value of the uneconomic remainding adjoining property. Therefore, the Penny's
will pay the City the difference at closing, thus, offsetting the cost to the
city.
Analysis
Said property is a remainder of property (less right of way) not needed for the
project. This action is supported by the City Charter Sec. 7-501(4).
Financial Considerations
Exchanging the property saves right of way cost and keeps then property on the
tax digest.
Projected Annual Fiscal Impact Statement
Legal Considerations
The City Attorney has no objections to this in accordance with the City Charter
ref. the above chapter.
Recommendations/ Actions
Authorize the City Manager to execute a Quit Claim Deed of said uneconomic
remainder to Bobby G. Penny and Connie Penny in exchange for the Fair Market
Value of said uneconomic remaining property, being the difference between the
Fair Market Value of the required right of way of the Penny property less the
Fair Market Value of the remaining property (parcel 5r and a portion of parcel