CLARK COUNTY BOARD OF COMMISSIONERS
AGENDA ITEM
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Petitioner: |
Lisa Kremer, Director of Real Property Management |
Recommendation:
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Approve and authorize the Chair to sign a Settlement Agreement between Clark County (County) and Ashley Real Estate, LLC, a Delaware limited liability company as a dispute resolution regarding billboard ownership located on County-owned land, and approve and authorize the Director of Real Property Management or her designee to sign a Termination Declaration, an Amended and Restated Reciprocal Easement Agreement, a Quitclaim Deed and any other documents related to the completion of this transaction. (For possible action)
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FISCAL IMPACT:
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BACKGROUND:
On November 4, 2019, Clark County (County) purchased property located at 121 Martin Luther King Boulevard, Las Vegas, NV 89106 from LVN 121 S. Martin Luther King Blvd., DST, a Delaware statutory trust, successor by conversion to TNP 121 S. Martin Luther King Blvd., DST, a Delaware Statutory trust (Seller). which, at the time of closing, a portion of the property containing a billboard was in dispute with Ashley Real Estate, LLC, a Delaware limited liability company (Ashley) as to the ownership and rights. The County and Ashley have agreed to resolve the dispute with the County parceling off a portion of the County-owned land containing the billboard on Assessor's Parcel Number 139-33-510-007 and quitclaiming to Ashley and Ashley will amend the reciprocal easement agreement and terminate cross-access between the parcels allowing the County to fully fence its property.
This item was presented to the County's Long Range Planning Committee on April 12, 2023.