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, ...
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