The City has the opportunity to acquire a 2,000 ft2 easement for a portion of the Willamette River Trail running north from Burnside Park, parallel to the Willamette River.
The cost to the City is calculated by dividing the appraised value of the property ($850,000) by the total square footage of the property (39,000) to calculate a value per square foot ($21.59).
The total FY 2009 cost to the City is $43,180. This expense is incurred from the Park Bond Fund as part of the expense budgeted for the Willamette River Trail.
Acting as the Contract Review Board, authorize the City Manager to execute a contract to acquire this easement property.