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May 24, 2018, City Council Regular Meeting
9. Motion to Award Sale of Surplus Property Located at 601 E 66th Street (PIN: 2-0113-03-013).
Strategic Priority
Good Government

This property (PIN 2-0113-03-013) is a 0.72-acre parcel on the eastern edge of the Hospital District and is located in the Abercorn Heights/Lamara Heights/Ridgewood/Poplar Heights neighborhoods. The property is improved with a 13,162-square-foot, two-story office building with on-site parking.

The City purchased the property in 2010 for administrative use at a price of $1,700,000. The property was declared surplus and available for sale during the regularly scheduled City Council meeting on May 10, 2018.  Pursuant to Georgia Code (O.C.G.A.) Section 36-37-6 (e)(2)(D), the City is authorized to sell real property to another government agency for public purposes without the need to offer the property to the public via sealed bid or auction.

The City has negotiated with Gateway Behavioral Services, a community services board as established by the State of Georgia (Purchaser), for a purchase price of $1,950,000.00. The purchase price represents the mid-point between appraisals of the property as procured by both parties.

The purchase and sale agreement affords the purchaser a 60-day inspection period. The inspection period may be extended for an additional 30 days for a non-refundable extension fee of $5,000. Closing would occur within 75 days of execution of contract, or 105 days if the optional inspection period extension is exercised. 



David Keating, Director of Real Estate Services
Financial Impact
The estimated revenue is $1,950,000.00 to the General Fund.
Review Comments
Map of 601 E 66th Street.pdf
Purchase and Sales Agreement for 601 E. 66th Street.pdf
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