17 - SURPLUS 12.662 ACRES AT COX FIELD

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Item No. 17 memorandum TO: City Council John Godwin, City Manager FROM: Shawn Napier, P.E. Director of Engineering, Planning & Development SUBJECT: SURPLUS 12.662 ACRES AT COX FIELD DATE: January 6, 2015 BACKGROUND: AgPro requested to purchase additional property form the City of Paris for possible expansion. They have requested 12.662 acres land east of the current 10 acres they own at the Northwest corner of Cox Field property. The City of Paris requested a surplus property release from the Federal Aviation Administration (FAA) in August 2014. AgPro currently has 429 acres leased from the City of Paris that includes the 12.662 acres. STATUS OF ISSUE: The City of Paris received a formal letter from the FAA in December 2014 releasing the restrictive deed covenant on the 12.662 acres. The FAA has determined that the release of the property will not adversely affect the development, improvements, operation or maintenance of the airport. An appraisal of the property was performed in May 2014. The appraisal value was approximately $7,000 per acre. In order to sell the property the City must declare the property surplus and advertise for bids. BUDGET: The appraised value of the 12.662 acres of land is $89,000. If the property is sold this amount would be the minimum bid for the property. RECOMMENDATION: Declare 12.662 acres at Cox Field surplus and authorize the disposition of the property.