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CONTRACT K-1516-94: A CONTRACT BY AND BETWEEN THE CITY OF NORMAN, OKLAHOMA, AND SHARON HIRAD IN THE AMOUNT OF $110,000 FOR THE PURPOSE OF PURCHASING REAL PROPERTY LOCATED AT 121 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.
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 and again on December 15, 2015. Staff brings forward Contract K-1516-94 with Sharon Hirad for approval.
DISCUSSION: The parcel owned by Ms. Hirad is one of the four remaining residential properties to be purchased for the new central library site. It is currently zoned I-1, Light Industrial District. The parcel has a 1,383 square foot home on it that is currently vacant. The property was valued at $105,000 by a recent appraisal. The negotiated purchase price of $110,000 is 4.8% over appraisal and represents a fair and reasonable price for the property.
Contract K-1516-94 requires that the earnest money ($2,200 or 2% of the purchase price of $110,000) be deposited with the closing company upon execution of the contract with closing to occur no later than January 29, 2016. The City will pay the f...
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