Subject:
Title
Consider the disposition of real estate, namely 3.3297 acres, more or less, designated as 1630 Driver Drive and shown on the City Block Map as Parcel No. 86-D-2 to the Visitors of James Madison University
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Presented By: City Manager Hodgen
Recommendation and Review
During the October 14, 2014 Council Meeting, council directed the City Manager to advertise a public hearing for this matter. JMU has submitted an offer to purchase the referenced property from the city in the amount of $4.2 million dollars. A report to Council is attached outlining the rationale for considering sale of the property in question to JMU.
Staff recommends that Council accept the offer subject to the City and JMU finalizing a formal agreement for sale of the property, and authorize the City Manager and City Attorney to execute the appropriate documents.