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 is 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:

• Approve acknowledgment of the petition to vacate the above-mentioned right-of-way and set a public hearing for May 23, 2016; or
• Do not acknowledge the petition and terminate the right-of-way vacation process.

A comparative market analysis was complete and valued the right of way at $658,600.  The City is the owner of the theater property and the owner of the right of way so the financial impact is unclear at this time.

Staff recommends that Council acknowledge receipt of the petition to vacate a portion of  3rd Avenue North and North Broadway right of way and set a public hearing for May 23, 2016.