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CITY COUNCIL AGENDA MEMO |
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| | | | | | | | | MEETING DATE: | 9/20/2022 | | DEPARTMENT: | Special Projects | | DIRECTOR: | Peter Braster, Director of Special Projects | | AGENDA ITEM: | Purchase of 1605 L Avenue | | RECOMMENDED ACTION: | Approval of Expenditure |
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| | | | | | | | ITEM SUMMARY To approve an expenditure in the amount of $476,700 for the purchase of real property located at 1605 L Avenue from the Burchett Family Living Trust; and authorizing the City Manager to execute all necessary documents. Approved |
| | | | | | | | BACKGROUND The property located at 1605 L Avenue is adjacent to the City of Plano parking lot used for the Plano Municipal Center. The ownership of the property has agreed to sell the property for $476,700, which is supported by a third-party appraisal obtained by the City.
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). |
| | | | | | | | FINANCIAL SUMMARY/STRATEGIC GOALS Funding is available for this item in the 2021-22 TIF II Fund budget. Approval to purchase this property for a total estimated amount of $476,700 will leave a current year balance of $4,686,950 for future TIF II funded projects.
Approval of this item supports the City’s Strategic Plan Critical Success Factors of Residential and Commercial Economic Vitality and Excellent, Innovative, and Accountable City Government. |
| ATTACHMENTS: | | Description | Upload Date | Type | | Map | 9/8/2022 | Map |
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