CLARK COUNTY BOARD OF COMMISSIONERS
AGENDA ITEM
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Petitioner: |
Lisa Kremer, Director of Real Property Management |
Recommendation:
title
Approve and authorize the Chair to sign the Resolution of Intent to Sell Real Property at Public Auction providing for the sale of Department of Aviation property and the attendant ground leases, specifying the minimum price and terms of the sale, and setting a public auction for November 2, 2021 at 9:00 a.m. (For possible action)
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FISCAL IMPACT:
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Fund #: |
1010.000 |
Fund Name: |
County General Fund |
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Fund Center: |
1120102000-590920 |
Funded PGM/Grant: |
N/A |
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Amount: |
Minimum Bid Amount $155,475,000 |
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Description: |
Resolution of Intent to Sell Real Property at Public Auction |
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Additional Comments: |
N/A |
BACKGROUND:
On April 15, 2014, the Board of County Commissioners (Board) directed Real Property Management (RPM) to proceed with the monetization of the majority of the ground leases for possible marketing. On May 19, 2015, the Board adopted a resolution authorizing the Director of RPM to prepare the ground leases for sale.
The Beltway Business Park development comprised of land parcels totaling approximately 351.09 acres, which are encumbered by 18 separate ground leases, have been prepared for auction as a single sale unit. The type of property interest being sold is leased fee estate with reversionary interest. The Resolution of Intent to Sell Real Property at Public Auction (ROI) specifies the minimum price and the terms of the sale. Two appraisals were prepared for the property and the average of the two set the minimum sale price as required by NRS 244.281. The parcels, ground leases and minimum sale price are listed in the attached table as Exhibit A to the ROI.
The sale is also subject to the terms of the Purchase and Sale Agreement (PSA) attached as Exhibit B to the ROI. The PSA contains multiple exhibits that are not made a part hereof, but are available for review on the Clark County Department of Aviation website (www.mccarran.com/DoingBusiness/RealEstate/Auctions) and on the Commercial Real Estate Exchange, Inc. (CREXI) website (www.crexi.com/properties/643443/nevada-beltway-business-park). A notice of sale shall be published and posted, and the online auction shall be conducted on November 2, 2021, from 9:00 a.m. to 3:00 p.m., all according to the procedures set forth in NRS 244.282.
The sale proceeds (amount of the bid for the property that Clark County accepts), which shall not be less than the minimum bid amount stated above, will be distributed under the Southern Nevada Public Land Management Act of 1998 (SNPLMA) as follows: 85% to the Bureau of Land Management, 5% to the State of Nevada, and the remainder to the DOA.
The deed conveying the property will include a Restrictive Covenant and Reservation of Avigation & Clearance Easement so that future uses are compatible with airport operations.
This item was presented to the County Long Range Planning Committee on August 26, 2021.