CLARK COUNTY BOARD OF COMMISSIONERS
AGENDA ITEM
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Petitioner: |
Rosemary A. Vassiliadis, Director of Aviation |
Recommendation:
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Approve and authorize the Director of Aviation or her designee to sign the purchase and sale agreement, escrow instructions and related ministerial documents required to complete the acquisition process for Assessor's parcel number 177-04-101-013 located on the southeast corner of Las Vegas Boulevard and Sunset Road; or take other action as appropriate. (For possible action)
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FISCAL IMPACT:
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Fund #: |
5202.731 |
Fund Name: |
Airport - Capital Projects |
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Fund Center: |
2200400050 |
Funded PGM/Grant: |
N/A |
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Amount: |
Total acquisition costs not to exceed $135,736,000 |
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Description: |
Voluntary Property Acquisition |
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Additional Comments: |
Eligible for FAA grant funding to cover up to 75% of the appraised acquisition. |
BACKGROUND:
The property owner of Assessor's parcel number 177-04-101-013 (Property) contacted the Clark County Department of Aviation (DOA) to inquire on DOA’s interest to purchase the Property through a voluntary acquisition. The fair market value of the Property was established at $135,700,000.00 through an appraisal report and separate review of the appraisal report. An offer to purchase the Property at this value under a voluntary acquisition (willing buyer/willing seller) has been accepted by the property owner. Escrow closing costs are estimated not to exceed $36,000.00 bringing the DOA's total acquisition cost to $135,736,000.00.
A portion of the Property is located inside Harry Reid International Airport's Runway 1R, 19R, and 19L Runway Protection Zones (RPZ) and the Federal Aviation Administration (FAA) strongly encourages airport sponsors to acquire all land in the RPZ. This process was conducted in accordance with the federal requirements to be eligible for reimbursement by the FAA to cover up to 75% of this acquisition through a future grant.