RESOLUTION NO. ______, SERIES 2020
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A RESOLUTION DETERMINING A PARCEL OF REAL PROPERTY LOCATED AT SOUTH FOURTH STREET AND OWNED BY LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT ("METRO GOVERNMENT") AS SURPLUS AND NOT NEEDED FOR A GOVERNMENTAL PURPOSE AND AUTHORIZING ITS TRANSFER TO SLS MANAGEMENT, LLC.
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SPONSORED BY: COUNCIL MEMBER BARBARA SEXTON SMITH
WHEREAS, according to KRS Chapter 67C.101, Metro Government may sell or transfer any real property belonging to Metro Government; and
WHEREAS, Section 1(A) of Executive Order No. 2, Series 2011 of the Mayor, which adopts Section 2(C) of Executive Order No. 3, Series 2007, provides that Metro Government may convey surplus real estate upon declaration by the Legislative Council of the Louisville/Jefferson County Metro Government (the "Council") that such property is no longer needed for the governmental purposes of Metro Government; and
WHEREAS, Metro Government owns property located at South Fourth Street, as more particularly described in Exhibit A to this Resolution (the "Property"); and
WHEREAS, the Property is currently being leased to an adjoining property owner, SLS Management, LLC ("SLS") for a term that expires on April 1, 2039; and
WHEREAS, the consideration for the lease is $1, plus the construction of certain improvements, which have been built and are currently appraised at $510,000; and
WHEREAS, in 2009, Seller previously deeded an 8-foot by 133-foot alley adjacent to the Property to SLS, which was valued at $1,000 and authorized by Resolution No. 129, Series 2009; and
WHEREAS, SLS is interested in purchasing the Property; and
WHEREAS, Metro Government has entered into a Purchase Agreement dated April ___, 2020 with SLS for the Property (the "Agreement"); and
WHEREAS, the Agreement contemplates the transfer of the Property that is the subject of this Resolution to SLS for $15,000; and
WHEREAS, the sale of the Property would return th...
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