File #: 23-1578   
Status: Agenda Ready
File created: 11/8/2023 In control: Clark County Board of Commissioners
On agenda: 11/21/2023 Final action:
Title: Approve the purchase of 900 Liberace Ave located on APN#162-10-510-029 which consists of a +/- 1.14 acre developed parcel with four two-story retail/office buildings containing a gross building square footage of 72,500; fund the purchase price of $6,500,000, and $10,000 for closing costs; ratify the appraisal dated October 29, 2023 by Britton-Adamo Group/ROI Appraisal; and Authorize the Director of Operations to sign escrow documents and any other related documents to complete the transaction and management of the leases. (For possible action)
Attachments: 1. Staff Report, 2. Conditional Offer To Purchase_Fully Executed, 3. Disclosure of Ownership_Seller, 4. Aerial Map

CLARK COUNTY REDEVELOPMENT AGENCY

AGENDA ITEM

 

Petitioner:

Shani Coleman, Director of Operations

Recommendation: 

title

Approve the purchase of 900 Liberace Ave located on APN#162-10-510-029 which consists of a +/- 1.14 acre developed parcel with four two-story retail/office buildings containing a gross building square footage of 72,500; fund the purchase price of $6,500,000, and $10,000 for closing costs; ratify the appraisal dated October 29, 2023 by Britton-Adamo Group/ROI Appraisal; and Authorize the Director of Operations to  sign escrow documents and any other related documents to complete the transaction and management of the leases.  (For possible action)

body

 

 

FISCAL IMPACT:

Fund #:

2350.00

Fund Name:

RP. E0124080

Fund Center:

1120820001

Funded PGM/Grant:

680300

Amount:

$6,500,000 purchase price plus $10,000 closing costs

Description:

Property Acquisition

Additional Comments:

N/A

 

BACKGROUND: 

On October 4, 2023, the Clark County Redevelopment Agency (RDA) submitted a conditional offer to purchase 900 Liberace Ave, Las Vegas NV 89109, located on APN#162-10-510-029 which consists of a +/- 1.14 acre developed parcel with four two-story retail/office buildings containing a gross building square footage of 72,500 (Property).

The Clark County Department of Real Property Management has completed due diligence inspections, appraisals and ALTA survey.  RDA and seller shall each pay their normal closing costs at the time of escrow closing.

The RDA intends to hold the property for future redevelopment opportunities.

The RDA will assume thirty-three (33) leases at this Property on the effective date of closing. Existing tenants will continue to occupy space until their agreements expire or they terminate. 

This item was presented to the County's Long Range Planning Committee on November 9, 2023.