Authorize Acquisition of a Fee Simple Interest in 0.0193 Acres of Land Located in Lot 1, Block 60, M.G. ELLIS ADDITION from Barney Holland Oil Company for the Traffic Signal Improvement Project No. 101729 in the Amount of $21,000.00 and Pay Total Estimated Closing Costs in the Amount up to $4,000.00 for a Total Cost of $25,000.00 (2018 Bond Program Funds) (COUNCIL DISTRICT 2)

It is recommended that the City Council:

1. Authorize the acquisition of a fee simple interest for right-of-way in 0.0193 acres of land located in Lot 1, Block 60, M.G. ELLIS ADDITION from Barney Holland Oil Company;

2. Find that the total purchase price of $21,000.00 for the subject property is just compensation;

3. Authorize payment of total estimated closing costs in the amount up to $4,000.00; and

4. Authorize the City Manager or his designee to accept the conveyances and record the appropriate instruments.

The fee simple interest in the property is needed for construction of the Traffic Signal Improvement Project at the intersection of N. Main Street and NW 28th Street. As part of the overall 2018 Bond Program, numerous street traffic signal and pedestrian improvements have been programed for the area to improve safety and mobility for adjacent land uses. The project includes a total rebuild of the existing signals at this intersection to bring them up to standard, as well as a rebuild of the intersection's sidewalks and crosswalks to bring them into ADA compliance. Once complete, the four upgraded signals will provide orderly movement of traffic through the intersections and make the intersections safer for vehicles, pedestrian and bicyclists.

An independent appraisal established fair market value for the right-of-way parcel and the property owner has agreed to a negotiated amount of $21,000.00 for the needed fee simple interest in the land. The Environmental Services Division of the Code Compliance Department has performed the necessary environmental studies to deem the subject property suitable for acquisition by the City. The City will pay total estimated closing costs in the amount up to $4,000.00.

Upon City Council approval, Staff will proceed with acquiring the fee simple interest in the property except for the mineral estate. The deed to the City will contain surface waivers for the exploration of the mineral estate.

This property is located in COUNCIL DISTRICT 2.

A Form 1295 is not required for this contract because:  This M&C does not request approval of a contract with a business entity.