Title
Approve the purchase of a tract of improved land containing approximately 0.3759 acres and being located at 617 North Ebrite Street, Mesquite, Dallas County, Texas (the "Property") from the Mesquite Chamber of Commerce of Mesquite, Texas (the "Seller") for the purchase price of $305,000.00, plus closing costs, authorize the City Manager to finalize and execute a Purchase and Sale Agreement between the Seller and the City for the purchase 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
As briefed at the April 4, 2022, and July 5, 2022, City Council meetings, the City became aware of an opportunity to acquire this tract of land and the 2,695 square-foot office building owned by the Chamber of Commerce.
A 1997 drainage study revealed that substantial improvements to the drainage channel, known as Stream 2B4 Tributary to South Mesquite Creek, and the undersized drainage system of the surrounding area would be needed to alleviate flooding along the tributary including the railroad underpass at Carmack Street and the residential neighborhood to the southwest of City Hall, which includes the Chamber property (see attached location map). The drainage improvement project is part of the 10-year Capital Improvement Program and will be completed in conjunction with the future reconstruction of Galloway Avenue.
The current appraised value of the property is $377,000.00, and would likely be even higher when the City begins acquiring the necessary right-of-way and easements for the drainage project which typically involve acquiring such right-of-way at fair market value. Purchasing the property now at a negotiated price of $305,000.00 will result in future cost savings and the City can utilize the office space during the interim period of time.
Financial Implications
Funding for this purchase will be provided from the Drainage Utility District Capital Proje...
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