To approve an expenditure in the amount of $3,400,000 for the purchase of real property located at 6512 Jupiter Road from Al Dewan Properties LLC; and authorizing the City Manager to execute all necessary documents. Approved

The Plano City Council adopted Ordinance No. 2016-8-18 at its August 22, 2016 meeting which granted requests to rezone 7.9 acres from Agricultural to Planned Development-12-Single-Family Residence-7 at 6512 Jupiter Road.

Subsequently, the Plano City Council adopted Ordinance No. 2022-9-15 at its September 20, 2022 meeting which granted requests to rezone 7.8 acres to Planned Development-12-Multifamily Residence-1 and allow 80 multifamily dwelling units on the 6.8 acres lot located at 6512 Jupiter Road.

6512 Jupiter Road is adjacent to Oak Point Park and Nature Preserve parcels that are situated north of Los Rios Boulevard.  The subject property remains undeveloped and was listed by DuWest Realty in mid-July this year.  Al Dewan Properties LLC accepted a City of Plano offer to purchase the property for $3,400,000 contingent upon a third party appraisal on July 28th.

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).

Funding for this item is available in the Economic Development Incentive Fund.  Acquisition of the 6.8 acre property at the corner of Los Rios Boulevard and Jupiter Road has a total purchase price of $3,400,000. 

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