AGENDA #5c
MEMORANDUM
TO: Mayor and Town Council
FROM: W. Calvin Horton, Town Manager
SUBJECT: Interim Report on Possible Sale of Parking Lot #6
DATE: June 23, 2003
This report is in response to an inquiry about whether the Council might have an interest in selling Parking Lot #6, on the south side of West Rosemary Street.
BACKGROUND AND DISCUSSION
Mr. David Rooks, representing Investor Title Insurance Company has inquired whether the Town has any interest in selling the lot which currently houses 12 parking spaces. On May 28, the Council requested a follow-up report on or before June 23.
The parcel is small, about 50 by 130 feet, lined with trees and brush on the two long sides, by a concrete block retaining wall at the rear and boulders across the street frontage. It is covered with gravel.
We have considered what other uses the Town might put this land to, and have not identified any besides parking. The lot is too small for a building. We believe it is too small even for a pocket park, particularly when it is located so close to what we expect to be a public space in the near future on Lot #5.
We believe we need a market appraisal to see if the lot is more valuable to the Town as an asset to be sold or as an asset to be retained. An appraisal usually takes several weeks, so we should be ready to report back after the summer.
ATTACHMENTS