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County Administrator's Report 11. 4.

BCC Regular Meeting

Discussion

Meeting Date:	01/18/2018
Issue: Acquisition of Forest Creek Apartments
From:	Joy D. Blackmon, P.E.
Department:	Public Works
CAO Approval:

RECOMMENDATION:

Recommendation Concerning the Acquisition of Forest Creek Apartments - Joy D. Blackmon, P.E., Public Works Department Director

That the Board provide further direction regarding the two appraisals obtained for the acquisition of Forest Creek Apartments:

A. Authorize staff to make an offer to purchase Forest Creek Apartments on Patton Drive for $10,000,000, which is the average of the two appraisals;

B. Authorize staff to continue with the standard due diligence associated with acquisition of real property; and

C. Authorize staff to bring any counter offers back to the Board for further discussion.

[Funding: FEMA Flood Mitigation Grant, Fund and Cost Center to be determined]

BACKGROUND:

Forest Creek Apartments on Patton Drive has a history of numerous repetitive flooding events. The Board authorized staff to seek Federal Emergency Management Agency (FEMA) Flood Mitigation Assistance funding to purchase and demolish the buildings, and to relocate the tenants. When staff was notified that federal funds have been allocated for this project, appraisals were solicited, to determine the property owner’s interest in selling the property to the county.

Per Board direction at the November 2, 2017 meeting, two appraisals were obtained, one from Asmar Appraisal Company, for $10,500,000, and the other from Fruitticher-Lowery Appraisal Group, for $9,500,000.

BUDGETARY IMPACT:

Funding will be provided from FEMA Flood Mitigation Grant

LEGAL CONSIDERATIONS/SIGN-OFF:

The County Attorney's Office will review all legal documents needed prior to closing.

PERSONNEL:

Acquisition of the property will be handled through the Real Estate Division of the Public Works Department. This project will be managed by the County Natural Resources Management Department.

POLICY/REQUIREMENT FOR BOARD ACTION:

Board authorization is needed to continue with Section 46-139.

IMPLEMENTATION/COORDINATION:

Natural Resources Management staff will coordinate with Public Works and Neighborhood and Human Services Departments.

Attachments
Asmar Appraisal Summary
Lowery Appraisal Summary
Aerial Map
November 2 2017 BCC