| | | | | | | |  |
CITY COUNCIL AGENDA MEMO |
|
| | | | | | | | | MEETING DATE: | 9/26/2023 | | DEPARTMENT: | Special Projects | | DIRECTOR: | Peter Braster, Director of Special Projects | | AGENDA ITEM: | Purchase of 1406 G Avenue | | RECOMMENDED ACTION: | Approval of Expenditure |
|
| | | | | | | | ITEM SUMMARY To approve an expenditure for the purchase of real property located at 1406 G Avenue in the amount of $885,000 from John Young; and authorizing the City Manager to execute all necessary documents. Approved |
| | | | | | | | BACKGROUND The property located at 1406 G Avenue was placed on the market in early August 2023 and adjoins the main parking lot for the Plano Police Building at 909 14th Street. This location allows for future uses supporting police or other municipal operations within Downtown Plano. The property owner has agreed to sell the property for $885,000 after negotiations with a commercial real estate broker representing the City. This purchase price is validated by comparable transactions and market data identified by a third-party appraiser hired 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 for this item is available in the Economic Development Fund. Acquisition of the property at 1406 G Avenue has a total purchase price of $885,000.
Approval of this item will support the City's Strategic Plan Critical Success Factor of being an Excellent, Innovative, and Accountable City Government. |
| ATTACHMENTS: | | Description | Upload Date | Type | | Map | 9/14/2023 | Map |
|
|