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CONTRACT K-1516-95: A CONTRACT BY AND BETWEEN THE CITY OF NORMAN, OKLAHOMA, AND B-AIKEN INVESTMENTS 3, L.L.C., IN THE AMOUNT OF $105,000 PLUS CLOSING COSTS FOR THE PURPOSE OF PURCHASING REAL PROPERTY LOCATED AT 119 WEST ACRES STREET AND BUDGET APPROPRIATION FROM THE NORMAN FORWARD CAPITAL FUND BALANCE.
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BACKGROUND: In 2008, the City identified approximately 7.29 acres contained in 7 parcels generally located north of Acres Street and west of the BNSF railroad tracks as a site for a future Norman Public Library Central branch. That same year, the City, by contract K-0809-58, purchased 1.74 acres of that area that was commonly known as the "Grain Elevator Site" for $350,000. Design work has been updated for a new library on this site during the last year and the affirmative vote of the citizens of Norman on Ordinance O-1516-5 ("Norman Forward") has provided a source of revenue that will, among other things, support the acquisition of the remaining property for the new central library.
In anticipation of the Norman Forward vote Staff approached all of the identified property owners over the last several months to determine acquisition costs for the parcels. An update on these discussions was provided to City Council during an executive session on September 22, 2015. Voters approved the Norman Forward Sales Tax ballot on October 13, 2015. Council approved the purchase contract for parcel No. 1 on October 27, 2015. Council approved the purchase contract for parcel No. 3 on November 10, 2015. Executive Session was again held on December 15, 2015 to discuss possible acquisition of the residential properties included in the site plan for the new library. Council approved the purchase contract for parcel No. 7 on December 22, 2015. There are three remaining residential properties that Staff has negotiated within the parameters discussed in the most recent Executive Session. Staff brings forward Contract K-1516-95 with B-Aiken Investments 3, ...
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