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Council to accept deeds for Tracts One and Three at 57 Railroad Avenue from DDA
Summary
City Manager Jenny Simpkins said the Downtown Development Authority will deed Tracts One and Three back to the City, reducing the DDA payment by $176,243 to $1,423,757; Tracts One and Three will be retained for City uses while Tract Two may be subdivided later.
City Manager Jenny Simpkins explained that the 57 Railroad Avenue parcel is divided into three tracts and that the Downtown Development Authority will deed Tracts One (a paved parking lot behind Antiques of Old Town used for public parking) and Three (an alley connecting First Avenue to Railroad Avenue) back to the City. Simpkins said the deed acceptance reduces the amount due from the DDA to the City by $176,243, from $1,600,000 to $1,423,757.
Simpkins said Tracts One and Three "will always be used for City purposes" and are being deeded back for audit and documentation purposes, while Tract Two, which contains the main building, will be subdivided once further plans are developed. Council had no further questions during the work session.
