Pepsi-Cola Bottling Company has petitioned to vacate the alley within Block 14 of Suburban Subdivision between 3rd Street West and 4th Street West and Cook Avenue and Howard Avenue.  Pepsi-Cola Bottling Company owns all of the property abutting the alley and may develop the property in the future, but has no immediate redevelopment plans.  Currently, there is a sanitary sewer line running through the alley which only serves Pepsi.  If vacated, the sanitary sewer line would become Pepsi's sanitary sewer service.  The area of the alley proposed to be vacated is 11,483 square feet.

The Council may:

• Approve acknowledgment of petition to vacate the above-mentioned right-of-way and set a public hearing for March 26, 2012.
• Do not acknowledge the petition and terminate the right-of-way vacation process.

In 2011, Pepsi-Cola Bottling Company purchased five lots within Block 14 of Suburban Subdivision.  Pepsi submitted a Settlement Statement showing that they paid $5.42/sf for the property.  Pepsi is offering to pay the city $5.42/sf for the alley.  The total area of the alley is 11,483 square feet.  Total compensation for the alley will be $62,237.86.

Staff recommends that Council acknowledge the receipt of petition to vacate the alley within Block 14 of Suburban Subdivision and set a public hearing for March 26, 2012.