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CITY COUNCIL AGENDA MEMO |
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| | | | | | | | | MEETING DATE: | 9/28/2020 | | DEPARTMENT: | Special Projects | | DIRECTOR: | Peter Braster, Director of Special Projects | | AGENDA ITEM: | Purchase of 1609 L Avenue | | RECOMMENDED ACTION: | Approval of Expenditure |
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| | | | | | | | ITEM SUMMARY To approve an expenditure in the amount of $240,000 for the purchase of real property located at 1609 L Avenue from the Estate of Charles Lee Kelley; and authorizing the City Manager to execute all necessary documents. Approved |
| | | | | | | | BACKGROUND The property located at 1609 L Avenue is adjacent to the City of Plano parking lot used for the Plano Municipal Center. The estate which owns the property has agreed to sell the property to the City for $240,000. The negotiation of the purchase price included the additional consideration that the City will continue to lease the property to the current tenant until the City needs the property vacated. The tenant would pay $409 per month in rent for the first 24 months, which would then increase to $1,709 per month for the remaining term of the lease. The tenant would be responsible for all maintenance, repairs and insurance on the property during the lease period. The lease could be cancelled after a six month notice from either party. |
| | | | | | | | FINANCIAL SUMMARY/STRATEGIC GOALS Funding for this item is available in the 2019-20 TIF-East Side Fund. The purchase of 1609 L Avenue, in the amount of $240,000, will leave a balance of $11,091,811 available for future expenditures.
Approval of this item will support the City's Strategic Plan Critical Success Factor of Residential and Commercial Economic Vitality. |
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