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|September 26, 2019, City Council Regular Meeting|
41. Motion to Authorize the City Manager to Execute Amendment No. 5 to the Purchase and Sale Agreement with Geyer Morris for the Purchase of the Property at the Corner of Oglethorpe Avenue and Habersham Street (PIN 20015 17002)
The City is under contract with Geyer Morris for the sale of the block of vacant land next to Savannah Police Headquarters (Oglethorpe at Habersham). This Fifth Amendment finalizes the sale price $3,472,758. The $1,527,242 reduction from the original sales price of $5,000,000 will ensure the East Oglethorpe Lane (between Habersham and Price Streets) will be restored, and built to City specifications. It also compensates the developer for the cost of plans, which were no longer viable due the re-establishment of the lane.
Engineering also negotiated with the developer to relocate the stormwater grate to the curb line, and requires that both the catch basin/grate and the lateral to the City’s stormwater line become public infrastructure upon project acceptance. The only private infrastructure that will remain within the public ROW will be a retention vault lateral, but the developer has agreed to a restrictive covenant being placed on the property deed acknowledging private ownership, operation, and maintenance responsibility of the stormwater lateral.
The sale is scheduled to close in November.
David M. Keating, Director of Real Estate Services
This sale will contribute $3,472,758 to the General Fund
Exhibit 1: Map - Oglethorpe and Habersham Property.pdf
Exhibit 2: Purchase and Sale Agreement with Amendments 1-4 - Oglethorpe and Habersham Property.pdf
Exhibit 3: Amendment No. 5 - Oglethorpe and Habersham Property.pdf