19 - SURPLUS 12.662 ACRES AT COX FIELD

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Item No. 19 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: February 17, 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. 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. City Council accepted the deed of release and declared the property surplus at the January 12th City Council meeting. STATUS OF ISSUE: The property was advertised in the Paris News on February 61h and 81h The bids are to be submitted to the City before 3:00 P.M on February 23`d. A bid tabulation and recommendation letter will be submitted to the City Council at the meeting. BUDGET: The appraised value of the 12.662 acres of land is $89,000. This amount is also the minimum bid for the airport property. RECOMMENDATION: A bid recommendation will be submitted to City Council at the meeting.