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CL- 2120 New Business   Item #:   G.    
City Council Regular Meeting
Meeting Date: 06/04/2019  
Subject:    Disposition of Real Property
From: Ken F. Larking

COUNCIL ACTION
Business Meeting:     06/04/2019
SUMMARY
The Industrial Development Authority has an agreement to sell 119 Cane Creek Boulevard to PRA Group.  During the due diligence period and the title insurance company review, it was determined that a portion of the property is still owned by the City of Danville. In order to complete the sale, this portion of property must be transferred from the City of Danville to the IDA. The property to be conveyed consists of 0.843 acre and is identified as Lot 1.
BACKGROUND
PRA Group is planning to open a facility at 119 Cane Creek Boulevard, which will employee 500 people.  The weighted average of wages for this business is projected to be $38,400 per person.  The  portion of land owned by the City of Danville  was not transferred along with the rest of the property to the IDA when that transaction occurred in 1986.  In order for PRA Group to have clean title to the entire property, the City must transfer ownership of this portion of property to the IDA. The goal is to have the PRA Group own the property by mid-June.
RECOMMENDATION
Staff recommends that the City of Danville, following the required public hearing, convey that portion of 119 Cane Creek Boulevard that it currently owns, to the IDA in order to complete the land transfer to PRA Group.  

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