To approve an expenditure in the amount of $564,500 for the purchase of real property totaling 3.3 acres at the southwest corner of Accent Drive and Collin Creek Mall Road from Rosewood Property Company; and authorizing the City Manager to execute all necessary documents. Approved with a not to exceed the lower of the appraisal or $564,500

The two subject lots have been identified in the Park Master Plan since 2012 for acquisition to facilitate the connection of Chisholm Trail from the Collin Creek Area south to President George Bush Turnpike.  The eastern lot was also recently identified to provide expanded access for the Collin Creek Culvert Replacement project.  The owner of these lots, Rosewood Property Company, has agreed to a sales price consistent with Collin Central Appraisal District’s valuation of the properties.

Funding for this item is available in the 2020-21 Park Improvements CIP and Municipal Drainage CIP.  The purchase of 3.3 acres at the southwest corner of Collin Creek Mall Road and Accent Drive, in the total estimated amount of $564,500, will leave a current year balance of $1,308,958 for future land acquisition related to park and trail development.

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