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March 28, 2024, City Council Regular Meeting | |
Title 17. Authorize the City Manager to Execute a Purchase and Sale Agreement and Closing Documents for the Sale of a 0.84-acre Portion of City Property on Louisville Road to the Georgia Ports Authority in the Amount of $1,341,000. | |
Strategic Priority Good Government | |
Description The City owns an approximate 5-acre parcel located along the north side of Louisville Road between U.S. Highway 17 and Boundary Street, a/k/a the Wedge property. The Georgia Ports Authority (GPA) owns lands immediately to the west of the Wedge and the Savannah College of Art and Design (SCAD) owns lands immediately to the north. GPA has requested to acquire a 0.84-acre portion of the property to develop a public infrastructure project that will feature a new access driveway into the adjoining container yard and port facility. This new access point is part of planned improvements to enhance safety, access, and mobility in the area. The new access point aligns with an Interstate Highway off-ramp at Louisville Road.
The purchase price for the property is $1,341,000 and is based on a pro-rata allocation of the appraised value of the Wedge, as well as consideration for an 18-month temporary construction easement of approximately 0.3-acres for use during construction. Of additional consideration, GPA will design, engineer, and permit a new access point and/or a new trail facility for the remainder Wedge property. This transaction is subject to the approval of the State Properties Commission and is expected to close in the summer of 2024. | |
Recommendation Approval | |
Contact David Keating, Senior Director, Real Estate Administration Department | |
Financial Impact Miscellaneous Revenue of $1,341,000 to the General Fund | |
Review Comments | |
Attachments Exhibit 1: Purchase and Sales Agreement with Georgia Ports Authority for .34 Acre Portion of Louisville Road.pdf |
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