Title
Authorize the City Manager to finalize and execute a Contract of Sale between the City of Mesquite and Palo Verde Partners Development, LLC for the sale of 0.78 acres of City-owned property located at 4545 Gus Thomasson Road, Mesquite, Texas, for a purchase price of $289,000.00, and to execute such other documents necessary to close the transaction.
Body
The City of Mesquite owns a 1.35-acre tract located at 4545 Gus Thomasson Road, consisting of approximately 58,856 square feet of vacant land with an appraised value of $500,276.00. The property was originally acquired as part of the City’s efforts to promote the revitalization of the Gus Thomasson Corridor and accommodate a future trail connection through the area. Palo Verde Partners Development, LLC proposes to purchase approximately 0.78 acres, or 33,977 square feet, of the property for the development of a nationally recognized coffee shop. The proposed purchase price of $289,000.00 represents approximately $8.51 per square foot, consistent with the appraised value of the property being sold.
The City will retain the portion of the property containing the existing trail and plans to utilize the remaining property for future parking, a trailhead, and a connector to the trail to further enhance public access and quality of life for residents. As part of the transaction, Palo Verde Partners Development, LLC will also provide a public easement along the portion of the property adjacent to Fun Super Store to support continued public access and connectivity within the area.
The proposed sale supports the City’s economic development objectives for the Gus Thomasson Corridor by facilitating private redevelopment while preserving opportunities for future public improvements. Because the property was originally acquired with Mesquite Quality of Life Corporation funds, proceeds from the sale will be returned to the Corporation’s fund.
Financial Implications
The City will receive $289,000.00 in proceeds from ...
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