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• AN ORDINANCE TO AUTHORIZE CONVEYANCE OF CITY -OWNED PROPERTY ON EMMET STREET TO THE UNIVERSITY OF VIRGINIA WHEREAS, the University of Virginia (UVA) wishes to acquire a City -owned lot located on the east side of Emmet Street at the intersection of Emmet Street and Massie Road (the "Property"), designated as Parcel 74.1 on City Real Estate Tax Map 6 and shown on the attached map labeled Exhibit A, for the purpose of supporting future University growth and protecting one of the University's major entrance corridors; and WHEREAS, in accordance with Virginia Code §15.2-1800(B), a public hearing was held to give the public an opportunity to comment on the possible sale of said City land; and WHEREAS, the City Assessor has appraised the fair market value of the Property at $158,500.00; and WHEREAS, UVA is willing to pay $158,400 for the Property plus pay a service fee of $1,750 per year, which is an amount equivalent to the current annual City real estate tax which the Property would generate were it privately owned, to be added annually to the base amount • paid by UVA to the City for fire protection services; now, therefore BE IT ORDAINED by the Council of the City of Charlottesville, Virginia that the City Manager is hereby authorized to sign any and all documents, including a contract of sale, in form approved by the City Attorney, related to the said conveyance, and the Mayor is hereby authorized to execute a deed, in form approved by the City Attorney, conveying the above - referenced City -owned lot to the University of Virginia for the purchase price of $158,400.00 plus an annual service fee of $1,750. The City Attorney is hereby authorized to take whatever steps are necessary to effect the closing of said property conveyance. Approved by Council April 17, 2000 C erk of City Council