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Board approves exercising $5 million buyback option in Cummins settlement and signs appraisals for Main Street parcel purchases
Summary
The Board of Public Works and Safety voted March 3 to exercise a five-year $5 million buyback option tied to a prior settlement with Cummins Corporation after an appraiser reported increased value, and authorized staff to sign appraisals for eight Main Street parcels totaling $117,940 to advance the Main Street project.
The Board of Public Works and Safety on March 3 voted to exercise a $5 million buyback option tied to a prior settlement with Cummins Corporation and authorized staff to complete appraisals for parcels needed for the Main Street project.
Steve (staff) told the board that a condition of the earlier settlement with Cummins allowed the city to repurchase the property for $5 million within five years if the property value rose. Appellin (transcript says "the app Allen companies") offered $55 million for the property, and staff recommended exercising the $5 million option to secure the site and then transfer it to a local developer. "One of the conditions to that was that for five years after we settled with them, they paid us for the property, that if the property went up value, we have the ability to buy it back for $5,000,000," Steve said. A motion to approve exercising the option passed.
Separately, Jim briefed the board on the Main Street project right-of-way acquisitions. Staff presented eight recent appraisals for parcels the city needs for segment work; the eight appraisals total $117,940. Jim requested authority for the mayor or deputy mayor to sign appraisal documents to complete purchases. Board members approved the appraisals and authorization to sign so acquisitions can proceed.
Ending
Staff said right-of-way acquisitions will allow the Main Street segment work to move forward once Duke Energy completes transmission work in the corridor and that closings will be coordinated to align with developer and project schedules.
