City of Alexandria, Virginia
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MEMORANDUM
DATE: JUNE 28, 2019
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, CITY MANAGER /s/
DOCKET TITLE:
TITLE
Consideration of a Contingent Contract to Sell City-Owned Property at 912, 916, 920 King Street and 116 South Henry Street.
BODY
ISSUE: Consideration of a contract to sell City-owned property located at 912, 916, 920 King Street and 116 South Henry Street.
RECOMMENDATIONS: That City Council authorize the City Manager to enter into a contract with Galena Capital Partners, LLC to sell the City-owned surplus properties located at 912, 916, 920 King Street and 116 South Henry Street for $5,300,000 contingent upon (1) approval of the DSUP for these sites by the Planning Commission and City Council; and (2) approval of the sale of these properties by the Planning Commission per Section 9.06 of the City Code.
BACKGROUND: In October 2007, the Mayor's Economic Sustainability Work Group made several recommendations regarding the City of Alexandria's economic vision and future including encouraging and seeking out commercial development and expanding the City's focus on retail expansion as part of the economic development equation. The Work Group also recommended that the City develop and keep up to date an inventory of properties that it owns; periodically evaluate those properties to determine their long term use which would be in the long term best interest of the City; and sell, lease or otherwise dispose of properties that it determines are not needed for a public purpose after determining what is the highest and best use of these properties.
In 2008, to address the recommendations of the Economic Sustainability Work Group regarding City Assets, the City retained the services of Jones, Lang LaSalle (JLL) to conduct a property inventory study. Of the 361 City-owned parcels studied, JLL recommended that four City-owned properties be considered for immediate disposition. I...
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