File #: 23-1590   
Status: Agenda Ready
File created: 11/8/2023 In control: Clark County Board of Commissioners
On agenda: 11/21/2023 Final action:
Title: 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 177-04-201-006 located on the northeast corner of Las Vegas Boulevard and Hidden Well Road; or take other action as appropriate. (For possible action)
Attachments: 1. Staff Report, 2. AP177-04-201-006 Acquisition

CLARK COUNTY BOARD OF COMMISSIONERS

AGENDA ITEM

 

Petitioner:

Rosemary A. Vassiliadis, Director of Aviation

Recommendation: 

title

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 177-04-201-006 located on the northeast corner of Las Vegas Boulevard and Hidden Well Road; or take other action as appropriate. (For possible action)

body

 

 

FISCAL IMPACT:

Fund #:

5202.731

Fund Name:

Airport - Capital Projects

Fund Center:

2200400050

Funded PGM/Grant:

N/A

Amount:

Total acquisition costs not to exceed $166,745,000

Description:

Voluntary Property Acquisition

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 177-04-201-006 (Property) contacted the Clark County Department of Aviation (DOA) to inquire on the department's interest to purchase the Property through a voluntary acquisition. DOA's offer to purchase the Property for $166,700,000 under a voluntary acquisition (willing buyer/willing seller) has been accepted by the property owner. Escrow closing costs are estimated not to exceed $45,000 bringing DOA's total acquisition cost to $166,745,000.  DOA anticipates it will issue future bonds or other indebtedness to be repaid from Airport System revenues to finance some or all of the acquisition costs.

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.