Title
Approve the purchase of property located at 117 W. Main St., Mesquite, Texas (Property) from Frank Arthur Greenhaw (Seller) for the purchase price of $230,000.00 and related closing costs, and ratifying and approving all actions taken by or on behalf of the City in connection with the purchase of the Property including, without limitation, the execution by the City Manager of a commercial contract between the Seller and the City, 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
Staff became aware in late 2017, that the owner of the property at 117 W. Main St. was interested in selling his building and adjacent parking lot. In talking with other communities about downtown revitalization strategies, Staff noted that many communities have located both the downtown management personnel and Convention and Visitors staff in buildings in their respective downtown areas. To this end, the City proceeded with conversations to acquire this property.
Staff solicited an independent market appraisal of the Property. The City Council directed Staff to finalize negotiations to purchase the Property for $230,000 during Executive Session of the February 5, 2018, Council meeting. The Seller accepted the offer and a purchase contract was executed at the end of February 2018.
Financial Implications
Funding for this purchase is available in the Towne Centre Tax Increment Reinvestment Zone No. 2.
Recommended/Desired Action
Staff recommends the City Council approve the purchase of real property located at 117 W. Main Street, Mesquite, Texas, from the Seller in the amount of $230,000, plus related closing costs, and authorize the City Manager to execute all necessary documents related to the closing and purchase of the Property.
Attachment(s)
Property Location Map
Drafter
Valerie Bradley
Head of Department
Valerie Bradley