Title
Resolution to Authorize the Exchange of City-Owned Property Along North Front Street
Body
LEGISLATIVE INTENT/PURPOSE:
WHEREAS, the City of Wilmington owns approximately 0.37 acres of real property located at 908 N. Front Street (Parcel ID R-04712-005-006-000), hereinafter referred to as the “908 Parcel,” as well as approximately 0.73 acres of real property located at 922 N. Front Street (Parcel ID R-04712-005-005-000), hereinafter referred to as the “922 Parcel”; and,
WHEREAS, ILM Downtown Holdings, LLC (“Downtown Holdings”), owns two parcels located at 909 N. 3rd Street (Parcel ID R-04712-005-003-000) and 923 N. 3rd Street (Parcel ID R-04712-005-004-000), comprised of approximately 0.75 acres and 0.37 acres, respectively; and,
WHEREAS, the parcels owned by Downtown Holdings are adjacent to the 908 Parcel and 922 Parcel owned by the City; and,
WHEREAS, all properties in the area carry a present day market value of approximately $65 per square foot; and,
WHEREAS, the City and Downtown Holdings wish to make an exchange whereby Downtown Holdings would furnish approximately 7,918 square feet of real property located at the adjacent 909 N. 3rd Street parcel, as well as $943,000 in cash, in exchange for approximately 22,424 square feet of real property across portions of both the 908 Parcel and 922 Parcel, as shown on Attachment A; and,
WHEREAS, the 7,918 square feet portion of property that the City would gain in the exchange would provide the City with approximately 48 feet of additional road frontage on N. 3rd Street, and the resulting parcels would provide the City with property that is more attractive for sale and more conducive to high-density developments, which are afforded by the land development code in the area; and,
WHEREAS, N.C.G.S §160A-271 authorizes the City to make such an exchange, if authorized by City Council by a resolution adopted at a regular meeting of the board, upon at least 10 days’ public notice; and,
WHEREAS, the City has given the required public notice, and the board is convened in a regular meeting.
THEREFORE, BE IT RESOLVED:
THAT, the exchange of properties and other consideration as described above, and shown on Attachment A, is authorized.
THAT, the exchange of properties is contingent upon ILM Downtown Holdings, LLC, being the successful bidder, or successful upset bidder, on the portions of the real property located at 908 N. Front Street and 922 N. Front Street, which were approved for upset bid by City Council on October 1, 2024. If ILM Downtown Holdings, LLC, is not the successful bidder in the upset bid process, this resolution is null and void and of no effect.
THAT, the City Manager and the City Attorney are directed to execute the appropriate instruments necessary to carry out the exchange.
THAT, prior to the exchange, ILM Downtown Holdings, LLC, shall be required to survey, at their sole cost and expense, all properties associated with the exchange, and to provide an updated legal description for the properties to the City, which shall not vary materially from the property shown on Attachment A.