To approve an expenditure in the amount of $2,550,000 for the purchase of real property located at 1410 14th Street and 1412 14th Street and described as Lots 2, 3, 4A, and 4B Block C Oglesby Place Addition from Do-Mo Joint Venture; and authorizing the City Manager to execute all necessary documents. Approved

Two neighboring properties covering a combined area of 1.59+/- acres and containing approximately 17,545 square feet of medical office space have been listed on the open market.  Their location (see attached map) immediately north of a City owned decommissioned water storage tank property on N Avenue make them ideal for assembling land for future redevelopment in Downtown Plano.

The purchase price of $2,550,000 was negotiated with the property owner through a commercial real estate broker representing the City and is in line with the 2026 property roll valuation prepared by the Collin County Appraisal District. 

During the May 13, 2026, TIRZ #2 Board of Directors meeting, the Board considered staff's recommendation to purchase the property.  The Board voted unanimously to recommend approval of the property purchase.

The City is exempt from the competitive bid process for this purchase from TIRZ funds as allowed by Texas Tax Code Section 311.010(g).

Funding for this item is available in the 2025-26 TIF II Fund budget.  Acquisition of the property at 1410 & 1412 14th Street is for proposed future redevelopment.  Purchase of the land in the amount of $2,550,000 will leave a current year balance of $5,993,188 for future TIF II funded projects.