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Council approves $1.2 million negotiated purchase of 524 Southeast Broad Street for road widening
Summary
Staff recommended and the council approved a negotiated purchase of 524 Southeast Broad Street for $1.2 million to support a Southeast Broad Street widening project; staff cited appraisal and listing figures to justify the offer and noted purchase would avoid condemnation delays.
City staff told the Murfreesboro City Council on July 23 that the city is negotiating to acquire 524 Southeast Broad Street as part of the Southeast Broad Street widening project and recommended approval of a negotiated purchase for $1,200,000.
Bill Kerr said the 0.58-acre parcel contains a vacant 5,800-square-foot commercial building and that the city appraised the property at $1,025,000. The owner indicated an intention to list at $1,500,000 but had told staff he would accept $1,200,000. "Staff believes the $1,200,000 negotiated price is reasonable," Kerr said, adding that a negotiated purchase would avoid the time, cost and uncertainty of condemnation and provide the city immediate control for corridor assembly.
Council moved and seconded the purchase recommendation and approved it by roll call. Staff said the acquisition will give the city greater flexibility for corridor assembly and interim use as the roadway project advances.
