To abandon all right, title and interest of the City in and to a tract of land situated in the Martha McBride Survey, Abstract No. 553, City of Plano, Collin County, Texas, and being 1.11 acres of Coit Road; abandoning all right, title and interest of the City in such right-of-way to the abutting property owner, 601 Coit Partners LP, to the extent of its interest; authorizing the City Manager or his authorized designee to execute any documents deemed necessary to quitclaim the City’s interest; and providing an effective date.

601 Coit Partners LP has submitted a request to abandon a segment of Coit Road north of the Canadian Pacific Kansas City Railroad to be incorporated into the existing lot located at 601 Coit Road to serve its major vehicle repair business.  On September 3, 2024, the Plano Planning & Zoning Commission approved Revised Site Plan 2024-033 pertaining to the planned business expansion on the site.

The City owns the Property in fee simple, which has a fair-market value of $1,001,238 determined by a third-party appraisal.  601 Coit Partners LP has agreed to pay this amount for the property.

The Engineering Department has reviewed this request and determined that there are no detrimental effects to the City if the Right-of-Way is abandoned and quitclaimed to 601 Coit Partners LP.  Staff recommends approval of the request to abandon the segment of Coit Road as requested.

This item was prepared in coordination with the City of Plano Engineering Department and Planning Department.

Approval of the abandonment of 1.11 acres of Coit Road Right-of-Way north of the Canadian Pacific Kansas City Railroad will result in a one-time revenue of $1,001,238.

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