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CONTRACT K-1516-70: A CONTRACT BY AND BETWEEN THE CITY OF NORMAN, OKLAHOMA, AND MARY A. RHODES REVOCABLE TRUST IN THE AMOUNT OF $159,560 PLUS CLOSING COSTS FOR THE PURPOSE OF PURCHASING REAL PROPERTY LOCATED NORTH OF ACRES STREET AND WEST OF THE BNSF RAILROAD TRACKS TO BE USED FOR FUTURE MUNICIPAL PURPOSES, AND BUDGET APPROPRIATION FROM THE 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.
Staff has approached all of the identified property owners over the last several months. An update on these discussions was provided to City Council during an executive session on September 22, 2015. Staff brings forward Contract K-1516-70 with the Mary A. Rhodes Revocable Trust for approval.
DISCUSSION: The parcel owned by the Rhodes Revocable Trust is approximately 0.62 acres of the 5.55 acres remaining to be purchased for the new central library site. It is currently zoned I-1, Light Industrial District. The parcel has no structures on it. The purchase price represents a value per square foot of $5.90. The Grain Elevator Site was also zoned industrial and it was purchased 7 years ago at $4.62 per square foot. When the cost of demolishing the granary is considered, the overall cost of the Grain Elevator Site was $5.93 per square foot.
Contract K-1516-70 requires that the earnest money ($3,19...
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