Title
A RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER INTO AN AGREEMENT WITH MR. ARTHUR JOSEPH JR. AND NANCY L. STOKES, OWNERS OF A PROPERTY LOCATED AT PARCEL #3201642, FOR THE PURCHASE OF 6.66 ACRES OF AN 11.5 ACRE PARCEL; AND DECLARING AN EMERGENCY.
Brief Description: The City of Hudson is interested in the purchase of approximately 6.66 acres of an 11.5-acre parcel located on South Main Street otherwise identified by the Summit County Auditor as Parcel #3201642. The land is currently owned by Arthur Joseph Jr. and Nancy L. Stokes, residing at 100 Stokes Lane, Hudson, Ohio.
Body
Legislative History
None.
Purpose & Explanation
Proposed Real Estate Purchase Agreement:
The City of Hudson is interested in the purchase of approximately 6.66 acres of a 11.5-acre parcel located on South Main Street otherwise identified by the Summit County Auditor as Parcel #3201642.
The City and the property owners have agreed to enter into a purchase and sale agreement for the price of $96,160.00 for the 6.66-acre property, or $14,438/acre based on the final survey acreage. The City has performed our due diligence, including an appraisal, wetland delineation and a title search, and there are no major issues with the property.
The land is currently owned by multiple family members and relatives and will be consolidated with 2 other properties located adjacent to this parcel. The City will also perform the costs necessary for the proposed lot-split survey from the remainder of parcel #3201642 as shown in the exhibit, drafting the proposed new deeds, legal easements, and title work for these new lot-split parcels, which is in addition to the land offer stated above.
The City and the property owner have agreed to a sale price of $205,309.00 total for the 6.66-acre property, or $14,438 per acre based on the final survey acreage.
Legal Authority for Proposed Legislation
Pursuant to Charter Section 6.04, Contracts & Purchasing:
Competitively bid and advertised for two con...
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