| | | | | | | |  |
CITY COUNCIL AGENDA MEMO |
|
| | | | | | | | | MEETING DATE: | 5/22/2023 | | DEPARTMENT: | Special Projects | | DIRECTOR: | Peter Braster, Director of Special Projects | | AGENDA ITEM: | Purchase of 708 16th Street and 1509, 1511 & 1513 G Avenue. | | RECOMMENDED ACTION: | Approval of Expenditure |
|
| | | | | | | | ITEM SUMMARY To approve an expenditure in the amount of $3,300,000 for the purchase of real property located at 708 16th Street from 708 E 16th Street LLC and 1509, 1511 & 1513 G Avenue from the Haggard Living Trust & The Neely Living Trust; and authorizing the City Manager to execute all necessary documents. Approved |
| | | | | | | | BACKGROUND The property at 708 16th Street and 1509, 1511 & 1513 G Avenue is adjacent to the Neighborhood Services Building on 15th Street and can serve a number of potential development objectives for Downtown Plano. The ownership of the property has agreed to sell the property for $3,300,000, which is supported by a third-party appraisal obtained by the City. Additionally, during negotiations City staff committed to incorporate the W.J. Carpenter House into a future development project or relocate the house to another property within Plano.
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 for this item is avalable in the 2022-23 TIF Fund. Purchase of 2.71 acres at 708 16th Street and adjoining parcels, for a total amount of $3.3 million, will leave a current balance of $7,113,093 for future project expenditures. The TIRZ#2 Board of Directors recommended the expenditure of funds during their November 30,2022 meeting.
Approval of this item will support the City's Strategic Plan Critical Success Factor of Excellent, Innovative, and Accountable City Government. |
|