To approve a real estate contract in the amount of $2,000,000 for the purchase of real property located 1601 Alma Drive and described as Lot 1, Block 1 Harrington Homestead Addition from Narayan Jyot TX LLC; and authorizing the City Manager to execute all necessary documents. Approved

Known as the Harrington Homestead, this property purchase is intended to support the creation of a ConnectPlano non-profit hub within the city by providing a 3.88 acres property for future development.  The historic, prairie style home will be retained as part of the development to provide both a connection to Plano's past, as well as a landmark to define the future development. 

The purchase price of $2,000,000 was negotiated with the property owner through a commercial real estate broker representing the City and is in line with the 2025 property roll valuation prepared by the Collin County Appraisal District.  Further appraisals can be conducted by the City during its inspection period under the contract.

This item was prepared in collaboration with the Plano Neighborhood Services Department.  Staff recommends approval of this item.

The City is exempt from the competitive bid process for this purchase as allowed by Texas Local Government Code Chapter 252 Subchapter B Section 252.022(a)(6).

Funding for this item is available in the Economic Development Incentive Fund.  Purchase of the property at 1601 Alma Drive has a total price of $2,000,000.

Approval of this item will support the City's Strategic Plan Critical Success Factor of being an Excellent, Innovative, and Accountable City Government.