Title
Approve the purchase of property located at 105 South Broad Street, Mesquite, Texas (Property) from DPC Cedars LLC (Seller) for the purchase price of $800,000.00 and related closing costs and authorizing the City Manager to execute all other documents and take all other actions necessary or requested to consummate the closing and purchase of the Property.
Body
In support of the City Council Strategic Goal, Downtown Revitalization, the City of Mesquite seeks to acquire and redevelop the former McWhorter-Greenhaw building at 105 South Broad Street, for modernization to attract highest and best use that aligns with transformational strategies designated by the Downtown Development Advisory Board.
The property had a recent construction estimate providing a scope of repairs needed, as well as an asbestos abatement. It was built in the 1920’s and is approximately 6,801 square feet in size. It is near public amenities, Front Street Station and McCullough Plaza.
Upon approval by the City Council, the property will close and transfer ownership to the City for future development.
Recommended/Desired Action
Staff recommends approval of the purchase.
Drafter
Kim Buttram
Head of Department
Kim Buttram