|
TO: |
Board of Trustees |
|
THROUGH: |
Jay Fox, Executive Director |
|
FROM: |
David Hancock, Chief of Service Development Officer |
|
PRESENTER(S): |
Paul Drake, Director Real Estate & TOD |
|
|
Spencer Burgoyne, Manager of Property Administration |
TITLE:
title
Contract: Real Estate Purchase - Parcel PER-1106 in Perry, Utah for Future Transit Purposes in Box Elder County (Wallace and Kim Johnson)
end
AGENDA ITEM TYPE:
Non-Procurement Agreement
RECOMMENDATION:
Approve and authorize the Executive Director to execute the real estate purchase contract and associated disbursements with Wallace Neal Johnson and Kim W. Johnson to acquire the property located at 1500 West 2950 South, Perry, Utah 84302 for the purchase price of $360,000.00 plus closing costs.
BACKGROUND:
In 2007, Box Elder County residents passed an initiative to allocate the second quarter sales tax to support the extension of commuter rail to Brigham City. With those accumulated funds, UTA is currently working with willing sellers to purchase a 50-foot corridor adjacent to Union Pacific’s track through Box Elder County. Acquiring these properties ahead of housing and commercial development will reduce future impacts and costs. UTA has developed right-of-way maps and other documents needed to purchase the land. The subject property is improved with a single-family home on a 0.38-acre lot. The property is owned by Wallace Neal Johnson and Kim W. Johnson.
UTA needs a strip of land along the west property line for corridor preservation (742 square feet). However, the owners are only amenable to selling their entire parcel. UTA had the property appraised at $360,000 and the owners are willing to sell the property for that price. Therefore, UTA staff is proposing that UTA purchase the property in total and to quickly sell off the remainder parcel.
DISCUSSION:
Buying this property helps fulfill both UTA’s and Box Elder County’s long-range goal to preserve corridor from Ogden to Brigham City
ALTERNATIVES:
1. Do not purchase the property and wait for the next owner to see if they will sell the strip parcel.
2. Wait until a transit project is identified and purchase the property in total including relocation costs and a potentially higher-density development built in the corridor.
FISCAL IMPACT:
Box Elder Right of Way Preservation is included in the UTA 2024 Capital Budget and the approved UTA 5-year Capital Plan. The proposed contract costs ($360,000 plus closing costs) to purchase the property are available in the project budget.
ATTACHMENTS:
• Contract (UTA Contract # 24-P00323)
• Maps
• Deed