Title
Considering the Acquisition of Land and Improvements Located at 110 Compromise Street - For the purpose of expressing the sense of the Annapolis City Council's consideration of acquiring the land and improvements located at 110 Compromise Street for a purchase price of $4,500,000.
Body
CITY COUNCIL OF THE
City of Annapolis
Resolution 32-14
Introduced by: Alderman Arnett and Alderman Budge
Referred to
Finance
Economic Matters
A RESOLUTION concerning
Considering the Acquisition of Land and Improvements
Located at 110 Compromise Street
FOR the purpose of expressing the sense of the Annapolis City Council's consideration of acquiring the land and improvements located at 110 Compromise Street for a purchase price of $4,500,000.
WHEREAS, the City and citizens of Annapolis recognized the importance of the City Dock area to the economic well-being of the City through the adoption of the City Dock Master Plan on October 28, 2013; and
WHEREAS, an important property at the center of the Annapolis City Dock area, 110 Compromise Street, has been vacant since the beginning of 2010; and
WHEREAS, the City Council adopted Resolution 3-14 on March 24, 2014 expressing the intent of the City of Annapolis to explore the possibility of acquiring the land and improvements located at 110 Compromise Street and formed an exploration committee; and
WHEREAS, the City intends to apply for a grant not less than $1,000,000 from the federal Department of the Interior, which the State of Maryland Department of Natural Resources administers, in order to assist in the proposed acquisition of 216 feet of waterfront land to retain as City park, recreation, and open space;
WHEREAS, the attached Letter of Intent (LOI) from Craig Morrell, a principal with NAI KLNB, LLC and an authorized representative for the Sellers, to the City of Annapolis, describes the proposed terms for City's purchase of the property located at 110 Compromise Street; and
WHEREAS, the LOI indicates a purchase price of $4,500,000 for acquiring the property located at 110 Compromise Street, to be funded by a federal Department of the Interior grant which the State of Maryland Department of Natural Resources administers of not less than $1,000,000 and a 5-year, $3,500,000 promissory note at a 5% interest rate from the City; and
WHEREAS, the LOI also includes a provision requiring the City to provide a $100,000 deposit upon execution of the LOI; and
WHEREAS, should the City purchase the land and improvements located at 110 Compromise Street, the City intends to subdivide the land and sell a certain portion of the remaining area in a fashion consistent with the City Dock Master Plan.
NOW THEREFORE BE IT RESOLVED BY THE ANNAPOLIS CITY COUNCIL that it is the sense of the Annapolis City Council to consider acquiring the land and improvements located at 110 Compromise Street for a purchase price of $4,500,000 as described under the terms herein and in the Letter of Intent.
AND BE IT FURTHER RESOLVED BY THE ANNAPOLIS CITY COUNCIL to enter into the Letter of Intent, subject to the following contingencies:
1. An amendment to the Capital Improvement Program
2. An amendment to the Capital Budget
3. City Council approved appropriations for purchase
4. Irrevocable commitments to grant funds for purchase
5. Any other required legislation and commitments for funding of purchase.
EXPLANATION
CAPITAL LETTERS indicate matter added to existing law.
Strikethrough indicates matter stricken from existing law.
Underlining indicates amendments.