Consideration to approve an expenditure in the amount of $1,828,120 for the purchase of real property located on the north side of 15th Street between M Avenue and N Avenue from TWCP Westheimer Wilcrest LTD.; and authorizing the City Manager to execute all necessary documents. Denied

For over two years, discussions have occurred regarding the acquisition of a portion of the First Baptist Church property located north of 15th Street between M Avenue and N Avenue, to be used as park property.  After negotiations earlier this fall, the developer has agreed to the following:

- A purchase price of $1,828,120 ($17.50 per sf) for the property.

- As part of their purchase agreement with First Baptist Church, the developer is obligated to lease back the subject property to the church while they complete the construction of their new facility; therefore, the City will continue to lease back the subject property until First Baptist Church has moved to their new facility.

Currently no park is located in the area between Municipal Avenue, 18th Street, Jupiter Road and the railroad tracks. The subject property will be used for a neighborhood park that will provide an alternate location for patrons of Haggard Park, which is an extremely popular park.  Future development of this neighborhood park will use funding from park fee revenues collected from future residential development in the area and a future bond election.

Funding for this item is available in the 2020-21 Park Fee Program and Park Improvements CIP.  The purchase of 2.4 acres for park land, in the total estimated amount of $1,828,120, will leave a current year balance of $457,536 for future expenditures. 

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