Georgia Code O.C.G.A. 36-37-6(c) provides the City the authority to exchange real property with private entities, provided the property received is equal to or greater in value than the property being exchanged as established by appraisal.

Staff is seeking Council’s authorization to convey a +/- 1.505 acre property located on the north side of President Street (PIN 20006 03002). The parcel was acquired to support two capital improvement projects: the Bilbo Canal Drainage Improvement Project and the President Street/General McIntosh Improvement Project. These projects used a portion of the property, but the projects have since been completed and the remainder parcel is no longer needed. The property is undeveloped, zoned industrial, and contains a significant amount of wetlands.  It is futher encumbered by a development set back.

In exchange, the City would acquire property rights on two parcels owned by SRL Land Venture LLC:

• 150 Eastern Wharf Avenue (PIN 20006 05006) – 0.103 acres of fee title, 0.0139 acres of permanent easement and 0.048 acres of temporary construction easement for construction of a Pump Station.
• E President St (PIN 20006 05007) – Relocatable easements for construction, access, and maintenance of water, sewer, and storm drainage utilities, comprising a total of 0.22 acres.

The appraised market values of, as established by a well-qualified, third-party appraiser are as follows:

• Total Appraised Value of Property Rights to be Conveyed by City - $15,000
• Total Appraised Value of Property Rights to be Conveyed by SRL Land Venture LLC - $130,674

Further request authorization for the City Manager to execute a deed and any associated closing documents.

Approval