Title
A RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER INTO A LAND EXCHANGE AGREEMENT WITH 1556 PROSPECT ROAD, LLC TO ACQUIRE A TWENTY-YEAR EASEMENT IN A PORTION OF REAL PROPERTY LOCATED AT W. PROSPECT STREET (PERMANENT TAX PARCEL NO. 30-06300) IN THE CITY OF HUDSON FOR PUBLIC PURPOSES.
Brief Description: The City Administration is requesting City Council allow the City Manager to enter into an agreement to transfer the City of Hudson property located at Summit County, Ohio Parcel No. 30-09248 as shown on the attached exhibit A (Total area 0.4043 acres) to the adjacent property owner, 1556 Prospect Road, LLC, in exchange for a 20-year easement to the City of Hudson located as shown on the exhibit B (Total area 0.3243 acres).
Body
Legislative History
None.
Purpose & Explanation
The City Administration is requesting City Council allow the City Manager to enter into an agreement to transfer the City of Hudson property located at Summit County, Ohio Parcel No. 30-09248 as shown on the attached exhibit A (Total area 0.4043 acres) to the adjacent property owner, 1556 Prospect Road, LLC, in exchange for a 20-year easement to the City of Hudson located as shown on the exhibit B (Total area 0.3243 acres).
The easement will be forfeited by the City whenever the proposed pedestrian bridge is constructed and approved along W. Prospect St. over the existing Ohio Turnpike (I-80) adjacent to the existing W. Prospect St. If the pedestrian bridge is not constructed within 20-years after the recording of this property transfer with Prospect Road, LLC., the easement will be forfeited.
Timing Considerations
Following the approval of City Council, the City Manager will enter into the agreement with the Prospect Road, LLC.
Fiscal Impact
Currently Budgeted
Supplemental Appropriation Required
X Appropriation Not Required.
Recommendation
Suggested Action
The City Administration will enter into an agreement and transfer the property located at Summit County Parcel # 30-09248 for an easement as shown on the exhibit B.
Submitted by,
Jane Howington, City Manager
Thomas J. Sheridan, PE, PS, Assistant City Manager - Professional Services
Matthew Vazzana, City Solicitor