Purchase property for TVA parking garage

A Resolution authorizing the Mayor to execute any and all documents necessary to obtain options and, if deemed appropriate following due diligence, to purchase property generally bounded on the northwest by Summer Place, on the northeast by Walnut Street, on the southwest by Locust Street, and on the southeast by existing parking, and to convey said property to the Tennessee Valley Authority for the development of a parking garage, for a cost to the City of $226,500 for purchasing said options, $2,500,000 for the cost of acquiring said property, and with TVA to provide public parking spaces within said parking garage at no cost to the City of Knoxville as consideration for the conveyance of said property.(Requested by Public Works)

Source: official minutes (PDF) for May 29, 2012.