On February 17, 2016, the City Council approved the abandonment of the right-of-way known as Harbor Point Drive, located adjacent to 5000 North Ocean Drive, per the request of KT 5000, LLC.  As a result of the Harbor Point Drive roadway abandonment, the City acquired a portion of property approximately 0.13 acres in area (sketch and legal description attached hereto as Exhibit ‘A’).  This property has no development potential to any entity other than the adjoining property owner, KT 5000, LLC.  KT 5000, LLC has expressed interest in acquiring said +/- 0.13 acres of land from the City. 

The City Manager has determined that this land area is not needed for City purposes and has deemed this real property to be surplus in accordance with existing City Policies and Procedures, which allows for its sale with City Council approval.  A City initiated appraisal of this property from Anderson & Carr, Inc., resulted in a property valuation of $210,000.  A second property appraisal provided by KT 5000, LLC, resulted in a property valuation of $315,000.  Based off of these property appraisals, the average property valuation of this real property is $262,500.  City staff recommends City Council approval of this resolution.