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6.1.B. - Page 1 <br /> RE PO RT <br /> To the Honorable Mayor and City Council <br /> From the Cit Mana er <br /> April 22, 2013 <br /> SUBJECT <br /> Approval of Acquisition Agreement and Acceptance of Quitclaim Deed from Union <br /> Pacific Railroad <br /> RECOMMENDATION <br /> By Motion, Approve the Acquisition Agreement and Accept the Quitclaim Deed from <br /> Union Pacific Railroad associated with the Block 2 development site, and authorize the <br /> City Manager to execute both the Acquisition Agreement and the Certificate of <br /> Acceptance. <br /> BACKGROUND <br /> At its closed session hearing of March 11, 2013, the City Council authorized staff to <br /> negotiate with Union Pacific Railroad and effectuate acquisition of their interest in a <br /> portion of the City's property known as Block 2. On March 25, 2013, the City Council <br /> authorized staff to effectuate the acquisition. <br /> ANALYSIS <br /> A 0.28 acre portion of the City's Block 2 project contained residual rights to the Union <br /> Pacific Railroad that needed to be cleared in order to provide clear title when the City <br /> moves forward with its anticipated sale later this year. Staff negotiated an equitable <br /> purchase price with the Railroad of $30/square foot, for a total acquisition cost of <br /> $372,810. On April 28, 2013, the City wired this amount to the Railroad in exchange for <br /> the executed quitclaim deed. In addition, the City and the Railroad negotiated an <br /> Acquisition Agreement to document the parties' agreement. <br /> FISCAL IMPACT <br /> Funds for the acquisition are available in the Capital Outlay Fund. <br /> ENVIRONMENTAL REVIEW <br /> Not a Project. <br /> G�� <br /> BILL EKERN <br /> COMMUNITY DEVELOPMENT DIRECTOR <br /> �� <br /> ROBERT B. BELL <br /> CITY MANAGER <br />