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ORDINANCE: O-2004-5
SUBJECT: Emergency ordinance authorizing the sale of a portion of the Westland Towne Center parking lot to Westfield America, Inc., to allow for building expansion at 10555 W. Colfax Avenue formerly being the Super K-Mart store.
ADDRESS: 10555 W. Colfax Avenue
RECOMMENDATION: Approve the Ordinance
FUNDING SOURCE: Not Applicable
SUMMARY AND BACKGROUND OF SUBJECT MATTER: In 1992 the Westland Shopping Center was redeveloped into the Westland Towne Center. As part of that redevelopment, the City acquired the parking lot, which it still owns. The use of the City-owned property is limited to a public parking lot.
In spring of 2003, Super K-Mart closed its doors. Lowe's Home Improvement Warehouse is preparing to open in the same location later this year. In order to accommodate the building footprint that is needed by Lowe's, the property owner Westfield America, Inc. desires to purchase additional land from Lakewood. This land area comprises two small areas: (1) an area of approximately 1,999 square feet along the south building frontage to accommodate a covered customer pick up area, and (2) an area of approximately 5,107 square feet along the east side to accommodate an expanded lawn and garden center. The combined area is approximately 7,106 square feet.
The price for the property has been established at $50,000 based upon the original price paid by Lakewood and the restricted use of the property. The dollar per square foot value is the same for the property.
Approval of the ordinance will allow a building footprint that meets the needs of the proposed tenant.
DATE OF FIRST READING: February 23, 2004
DATE OF SECOND READING: March 22, 2004
ORIGINATED BY: Finance Department
STAFF PERSON RESPONSIBLE: Mike Connor, Property and Purchasing Services Manager 303-987-7659
DOCUMENTS ATTACHED: Ordinance O-2004-5
Map
SUBMITTED BY:
Mike Connor, Property & Purchasing Services Manager
Larry Dorr, Director of Finance
REVIEWED BY:
Joni Inman, Director Mayor's and City Manager's Office
Michael J. Rock, City Manager
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