STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: April 28, 2021
COUNCIL DISTRICT(S): 11
DEPARTMENT: Office of Economic Development
EXECUTIVE: Dr. Eric A. Johnson
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SUBJECT
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Authorize (1) acquisition from Peterson Lane Partners LLC of approximately 72,559 square feet of commercially improved land (approximately 1.66 acres) addressed as 5580 Peterson Lane located on the south side of Peterson Lane approximately 140 feet west of Montfort Drive for the future central park in the Valley View-Galleria area pursuant to the Targeted Neighborhood Enhancement Program; and (2) the establishment of appropriations in an amount not to exceed $213,301.46 in Valley View-Galleria Open Space Fund - Not to exceed $5,677,000.00 ($5,650,000.00, plus closing costs and title expenses not to exceed $27,000.00) - Financing: Park and Recreation Facilities Fund (2006 General Obligation Bond Funds) ($1,510,785.21), Public/Private Partnership Fund to be reimbursed in late 2021 from ECO (I) Fund (2017 General Obligation Bond Funds) ($3,000,000.00), Valley View-Galleria Open Space Fund ($213,301.46), Mall Area Redevelopment TIF District Fund ($652,913.33), and Equity Revitalization Capital Fund ($300,000.00)
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BACKGROUND
5580 Peterson Lane
Staff has been focusing attention on this property for the past few years, waiting for an opportunity to acquire. In Fall 2020, the representative of the ownership entity indicated to staff that the entity was ready to consider a voluntary sale. On October 13, 2020, staff issued a Letter of Interest to the ownership entity and then initiated several months of due diligence.
The subject property is 72,559 square feet of land (approximately 1.66 acres) and is improved with a two-story, multi-tenant office building comprising approximately 53,730 square feet of net rentable area. The building was constructed in 1983 with a reinforced concrete frame and a built-...
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