Title
A resolution authorizing the City Manager to finalize and execute a Real Estate Purchase and Sale Agreement with Bloomfield Homes, L.P., for the sale of 171.393 acres of land located in Balch Springs by the City to Bloomfield Homes, L.P., and authorizing the City Manager to take all other actions necessary to finalize the closing and sale of the Property.
Body
On May 4, 2020, the City Council awarded RFP No. 2019-046 to Bloomfield Homes, L.P., to purchase 171.393 acres of City-owned property for a proposed mixed-use residential and retail development in Balch Springs. On May 20, 2020, the Cities of Mesquite and Balch Springs entered into a Memorandum of Understanding (MOU) with Bloomfield Homes, which served as an outline of the purchase arrangements between Bloomfield and the two cities for their respective properties.
This resolution will approve the Real Estate Purchase and Sale Agreement ("Agreement") with Mesquite and Bloomfield in the amount of $5,700,000.00, less customary closing costs. The City of Balch Springs will enter into their own separate purchase agreement with Bloomfield for the sale of their two-acre tract, also part of the proposed development.
The City and U.S. Department of Housing and Urban Development (HUD) have agreed to split the City's share of proceeds attributed to Tracts 1 and 2 depicted on the attached location map on a 50/50 basis. These two tracts are currently deed restricted for public uses only by the City of Mesquite or Mesquite Independent School District, and HUD has agreed to modify these deed restrictions based upon Bloomfield's final development concept containing a minimum of 20 percent affordable housing.
The Agreement contains standard language found in most real estate sales contracts. Bloomfield will be responsible for the following:
* provide a new property survey
* escrow $100,000 earnest money with the title company ($98,275.86 for Mesquite)
* request Title Commitment and 60-day Title Review Period and ...
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