The Alberta Bair Theater Corporation has petitioned for the City to vacate a portion of 3rd Avenue North and North Broadway.  The portions of right of way that are proposed to be vacated are over the existing sidewalk.  Alberta Bair is proposing to expand the theater in the future.  Vacation of the right of way will allow this expansion.  The area of the proposed right of way to be vacated is approximately 3,813 square feet.  If the Alberta Bair theater has not expanded within 10 years, the property would revert back to right of way.

↵The Council may:

• After holding a public hearing, approve of the vacation of the above-mentioned right-of-way; or
• After holding a public hearing, do not approve of the vacation of the right of way.

A comparative market analysis was completed and valued the right of way at $658,600.  The City is the owner of the theater property and  is also the owner of the right of way.  In this case, the vacated City owned right-of-way will revert to the City owned adjacent theater property.  As per the letter attached to this memorandum, the Alberta Bair Theater is asking that the fee be waived for the purchase or transfer of the Right-of-Way. The theater is not "purchasing" the right-of-way, but rather is asking the City to move the lot line for the theater lot to include some of the right-of-way.?  City staff supports this request. 

Staff recommends that the City Council conduct a public hearing and approve vacating a portion of  the 3rd Avenue North and North Broadway right of way.