Title
Approve the purchase of a tract of land containing approximately 2.737 acres and being commonly referred to as (1) 430, 420, 410, and 400 South Ebrite Street, and (2) 226, 224 and 220 West Gross Street, (the “Property”) from Texas Conference Association of Seventh-Day Adventists (the “Seller”) for the purchase price of $3,000,000.00, plus closing costs, and authorize the City Manager to finalize and execute a Real Estate Sales Contract and a Commercial Leasing Agreement between the Seller and the City for the purchase and leaseback of the Property, and to execute all other documents and take all other actions necessary or requested to finalize the closing and purchase of the Property.
Body
This property acquisition is adjacent to City Lake Park and has future value for economic development and park development. It is also in line with City Councils’ strategic goals of Quality Recreation and Vibrant Economy. The property allows for potential downtown development expansion, enhanced parks and recreation amenities and entertainment attractions, by making more land available to be included in future planning opportunities for the area. Acquiring the property will also help in limiting potential detrimental development adjacent to City Lake Park.
Financial Implications
Funding for this purchase will be provided from the Capital Projects Reserve Fund.
Recommended/Desired Action
Staff recommends approval of the purchase and lease.
Attachment(s)
Survey
Map
Drafter
Chris Sanchez
Head of Department
Cliff Keheley