Opportunity Bank has petitioned to vacate a portion of right of way located in the northeast corner of 10th Avenue North and North 27th Street.  The petitioner would like to install a monument sign at the corner which is required to be on private property.  City staff has worked with Opportunity Bank to determine the amount of land that is needed to be vacated while leaving enough right of way for future plans for a traffic signal being designed by MDT.  The right of way area proposed to be vacated is approximately 1,163 square feet.  Opportunity Bank has completed a Brokers Property Evaluation and determined the proposed right of way to be vacated to be valued at $37,785.87.  

 

The Council may:

• After holding a public hearing, approve the vacation of a portion of right of way at the northeast corner of 10th Avenue North and North 27th Street; or
• After holding a public hearing, do not approve of the vacation.  If the right of way is not vacated, the developer will have to find a new place for the monument sign on property.

The petitioners have submitted a Brokers Property Evaluation establishing fair market value at $37,785.87.

Staff recommends that the City Council conduct the advertised public hearing and approve the vacation of a portion of right of way at the northeast corner of 10th Avenue North and North 27th Street.