Title
An ordinance authorizing and directing the City Manager to execute all documents necessary to convey approximately 171.393 acres of land located in Balch Springs, Texas (the "Property") to Bloomfield Homes, L.P., ratifying all such actions taken in furtherance of such direction, and authorizing payment to the U.S. Department of Housing and Urban Development for release and modification of interests in the Property necessary to facilitate the sale of the Property.
Body
On December 21, 2020, the City closed on the sale of 171.393 acres of City-owned property located wholly within the City of Balch Springs to Bloomfield Homes in accordance with the terms and conditions of the Real Estate Purchase and Sale Agreement approved by Council on July 6, 2020. The City was funded $5,699,170.20 the following day, which was the $5.7 million sales price offered by Bloomfield, less $829.80 in closing costs.
This ordinance will approve the negotiated settlement of federal interest in the deed restricted portions of the property filed by the U.S. Department of Housing and Urban Development (HUD) in the amount of $2,206,633.68 as consideration for amending the deed restrictions to allow private development, which will leave the City net sales proceeds in the amount of $3,492,536.52 to be used for park projects.
Background:
On July 7, 1994, the City purchased seven tracts of land totaling 385.45 acres through a foreclosure sale from HUD with park general obligation bonds in the amount of $441,456.00 for the purpose of developing park and recreation facilities. One of these tracts eventually developed into the Girls' Softball Complex and MISD's new Vanguard High School.
This property was conveyed to HUD as trustee on March 4, 1993, when the developer, VentureCorp. Properties, Inc., and property owner, Mesquite Springs Joint Venture, defaulted on their $17 million HUD-insured construction loan for the proposed South Creek Subdivision development. The deed conveyed to the Ci...
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