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CONTRACT K-1718-109: A CONTRACT BY AND BETWEEN THE NORMAN MUNICIPAL AUTHORITY AND NORMAN ECONOMIC DEVELOPMENT COALITION IN THE AMOUNT OF $1,058,000, PAYABLE $62,000 AT CLOSING, $62,000 AFTER TWELVE MONTHS, AND FINAL PAYMENT OF $934,000 PLUS INTEREST COSTS SUBJECT TO RIGHT OF REVERSION, FOR THE PURCHASE OF PROPERTY LOCATED AT 710 ASP AVENUE TO BE USED FOR THE CONSTRUCTION OF A PLANNED PARKING LOT; AND BUDGET APPROPRIATION FROM THE CAPITAL FUND BALANCE.
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BACKROUND: The Norman Economic Development Coalition (NEDC) owns property located at 710 Asp Avenue on Campus Corner, which is the former location of the E-Tec building where NEDC offices and business incubator were located. The property suffered a fire in October 2016 and was considered a total loss. This required NEDC to temporarily relocate to a property at 128 East Main Street with LWPT Architects. Since then, NEDC has received interest from private purchasers for this property but NEDC has held off selling it until the City had an opportunity to consider future use of the property in relation to Center City development plan. Council discussed potential acquisition of this property in its Executive Session held on February 13, 2018. In accordance with that discussion, Contract K-1718-109 is now being presented to Council for consideration, acting as Trustees of the Norman Municipal Authority (NMA).
DISCUSSION: On May 12, 2017, the property as a vacant lot was appraised by Artman Appraisal Company at $1,058,000 in "as is" condition including an allowance of $35,000 for demolition cost of the structure. NEDC has already demolished the structure, cleared the site and sodded the area that was formerly the footprint of the building, at a cost well exceeding $35,000.
When City Council adopted the Center City Form-Based Code (CCFBC) in May 2017, the Campus Corner area was excluded from the CCFBC until a parking solution was identified for the commercial district. Public parking solutions for...
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