Staff is seeking authorization to enter into a Real Property Trade Agreement with Old Town Trolley Tours of Savannah, Inc. (OTTTS). The Agreement would convey a +/-5,227 square foot City-owned property at the northeast corner of Martin Luther King Jr. Blvd. and West Liberty Street (PIN 20031 10007). This property is currently leased to OTTTS on a month-to-month basis and used as a privately-operated parking lot for OTTTS customers.

In return, OTTTS agrees to convey to the City a 0.35-acre commercial site, located at 215 West Boundary Street (PIN 20014 02010), just south of Oglethorpe Avenue. Under this agreement, the City would receive a +/-15,246 SF site, to include an on-site former welcome center building. This site is a critical acquisition needed to facilitate planned stormwater improvements related to the Springfield Canal expansion.

Pursuant to Georgia Code OCGA 36-37-6(c), the City is authorized 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. Accordingly, staff has obtained an appraisal from a third-party MAI-designated appraiser, who determined fair market values as follows:
• West Liberty Street Parking Site (from City to OTTTS) - $1,045,400
• 215 West Boundary Street (from OTTTS to City) - $1,296,000

The following departments have reviewed and approved this request: Planning & Urban Design, Park & Tree, Development Services, Savannah Department of Transportation, Water & Sewer Planning & Engineering, Stormwater Management, and Real Estate Services.

Additionally, authorization is requested for the City Manager to execute the Real Property Trade Agreement and any associated closing documents.

Approval