Focus Area: Legal
Staff Contact: Ron Shaver
Subject: Ratification of a Real Estate Contract with Overland Land Group, LLC for the sale of City-owned property at the northeast corner of K-7 Highway and Spruce Street.
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title:
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Consideration of Resolution No. 26-1008 ratifying a Real Estate Contract with Overland Land Group, LLC.
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Summary:
Staff has negotiated a real estate contract to sell certain city-owned property located at the northeast corner of K-7 Highway and Spruce Street (in the vicinity of Fire Station No. 5) to Overland Land Group, LLC (“Overland”). The property consists of 8 undeveloped tracts of land at 404 N. K-7 Highway comprising approximately 6.4 acres. The property lies adjacent to Fire Station No. 5 and is the former Parks Operations location before it was relocated to a new facility on another City-owned site. The boundaries of the area to be sold to Overland will be determined by a survey. It is anticipated that Overland will redevelop the site for multi-family apartment and commercial development purposes.
Closing would take place on or before December 31, 2026. The contract has several contingencies, including that the Overland is awarded an allocation of Low-Income Housing Tax Credits (LIHTC) by the Kansas Housing Resources Corporation, obtains financing, and receives all standard zoning, planning, and land use approvals it needs from the City in accordance with the Olathe Municipal Code and Unified Development Ordinance.
The real estate contract is included as Attachment A. The Resolution ratifying the contract is included as Attachment B.
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Financial Impact:
The City will receive new real property taxes on the property once it is redeveloped.
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Action Needed:
Approve Resolution No. 26-1008 ratifying a Real Estate Contract with Overland Land Group, LLC.
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Attachment(s):
A: Overland Land Group, LLC Real Estate Contract
B: Resolution No. 26-1008