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August 30, 2018, City Council Regular Meeting
Title
28. Motion Approve the Sale of Surplus Property Located at 2-10 E. Bay Street to Foram Development (Event No. 5982)
Strategic Priority
Good Government
Description

Recommend approval to award the sale of surplus property located at 2-10 East Bay Street to Foram Development, LLC. in the amount of $8,500,000.00. This property will serve as a residential condo development with shared and private rooftop gardens. The added enhancements will be improvements to engaging arts and cultural uses showcasing Savannah’s unique history.

The method of procurement used was the request for proposal (RFP), which evaluates criteria in addition to cost. The criteria evaluated for this RFP were qualifications of the development team, quality of the design proposal, schedule of performance, financial return and economic impact, and commitment to the City’s hiring programs. The financial return and economic impact of this property sale was determined to have a net present value of $9,157,536.00, which includes sale proceeds and incremental tax revenues. 

Recommendation

Approval

Contact
David Keating, Real Estate Services
Financial Impact
$8,500,000.00 in revenue to the General Fund
Review Comments
Attachments
East Bay Surplus Purchasing Summary.pdf
East Bay Surplus Funding Verification.pdf
Surplus Property - 2-10 E Bay Street Scope.pdf
Agenda Plus