Staff is in the early process of developing future solutions to West Billings storm drainage and identified Lots 1 and 2, Block 2 of Yerger Heights Subdivision as important lots to purchase for storm water management purposes.  The property is located south of Rimrock Road, near 50th Street West.  Staff approached the property owner, Ms. Beatrice Rice, and found she was interested in selling the property to the City.  The original asking price of the property was $60,000.  The City obtained an appraisal which listed the market value of the property at $42,500.  The City made an offer of appraised value plus 5%, $44,625, per City Resolution 93-16740, which was accepted by the property owner. In order to purchase the property, a Warranty Deed needs to be accepted.

↵City Council may:

• Approve purchasing the property and accept the Warranty Deed with Ms. Beatrice Rice, or;
• Do not purchase the property.

The cost of the property from Ms. Beatrice Rice is $44,625. This will be paid out of the approved FY ’16 Budget utilizing Storm Drain Funds.

Staff recommends that Council approve purchasing Lots 1 and 2, Block 2, Yerger Heights Subdivision for $44,625 and accept the Warranty Deed from Ms. Beatrice Rice.