City of Reno
Nevada

Staff Report
6960

Staff Report (For Possible Action): Request for Authorization to expend funds to undertake Commercial Real Estate Appraisals of certain city-owned real properties – APN 007-296-22, APN 010-590-01, APN 010-590-02, APN 007-214-26, APN 007-292-14 and APN 011-026-03 in an amount not to exceed $25,000.

Information

Department:City Manager's OfficeSponsors:
Category:Approval of Reports or Plans

Attachments

  1. Printout
  2. Property Maps

Recommendation and Proposed Motion

Recommendation:  Staff recommends the City Council approve/authorize the expenditure by the City Manager for the purposes previously described.

 

Proposed Motion:  I move to approve staff recommendation.

Staff Report Formal Body

Summary: The City Council is asked to approve/authorize the City Manager to expend funds to undertake commercial real estate appraisal on six (6) city-owned parcels.  The requested action is required by City policy covering the Disposition of City-Owned Real Property (effective 02-24-16) as a possible precursor to selling city-owned property.  Staff recommends approval of the expenditure.

 

Background:  In accordance with the City of Reno Disposition of City-Owned Property policy, staff is requesting the City Council approved the expenditure of funds to secure commercial real estate appraisals on the following properties:

 

              APN 007-296-22                                           40 East 4th Street (aka CitiCenter)

              APN 010-590-01 & 010-590-02               0 Riverside Drive

              APN 007-214-26                                          705 No. Virginia Street

              APN 007-292-14                                          322 Street (parking lot)

              APN 011-026-03                                          0 West 2nd Street (parking lot)

 

Per the policy, staff is required to order an appraisal as provided in RMC 15.01.100.  Upon completion of said appraisals, staff will proceed in accordance with the established policy and return to the City Council for approval, should a proposed sale materialize.

 

Discussion:  Consistent with the Guiding Principles of the policy, staff has been working to foster interest in unused and marginally used City-owned properties, to encourage their development and reuse, while eliminating blight, strengthening the City’s tax base and encouraging strategic real estate development.

 

Financial Implications:  The fiscal year 16/17 budget contains $9,500 specifically for this purpose (commercial real estate appraisals) and the cost of these appraisals will fall within this allocation.  Sales proceeds will be used to offset these costs.

 

Legal Implications:  Legal review completed for compliance with City procedures and Nevada Law.

 

Meeting History

Jul 27, 2016 10:00 AM Video Reno City Council & Redevelopment Agency Board Joint Regular

Bill Dunne, Revitalization Manager, presented an overview of the Staff Report.

The Council discussed their desire to review the Downtown Master Plan before approving appraisals.

The Mayor called for public comment.

Skylo Dangler, 5929 Solstice Drive, Sparks, representing Mike Stewart of Tahoe Rose LLC, discussed Mr. Stewart’s plans and desire to move forward with purchasing city-owned property.

Eddie Lorton, no address provided, discussed Mr. Stewart’s plans to purchase city-owned property and spoke in support of approving the appraisals.

THIS ITEM WAS CONTINUED TO SEPTEMBER 14, 2016.

RESULT:CONTINUED [UNANIMOUS]
MOVER:Oscar Delgado, Councilmember
SECONDER:Jenny Brekhus, Councilmember
AYES:Hillary Schieve, Jenny Brekhus, Naomi Duerr, Oscar Delgado, Paul McKenzie, Neoma Jardon
ABSENT:David Bobzien