CC MEETING: April 18, 2017
DATE: April 12, 2017
TO: Erin Rinehart, City Manager
FROM: Krystle Nelinson, Development Program Manager
Title
Consider Authorizing The City Manager To Negotiate And Execute A Purchase And Sale Agreement With Arcadia Realty Corporation For Approximately 14.3 Acres Of The Thomas Development Area For A Sale Price Of $750,000.00.
Body
BACKGROUND:
In July 2013, the City Council approved the purchase of 20.347 acres of land located at 1504 North Jackson Street. This tract was located south and east of City-owned 4.2 acres of land at 1620 North Denton Drive. The two lots were subsequently replatted into a single lot of approximately 25 acres known as the Thomas Development Area (AKA Acropolis Tract).
The City released a Request for Proposal (RFP) on February 7, 2017 to select a developer for the Thomas Development Area in its entirety. Three responses were received, and all respondents were interviewed by the City Council's TOD Sub-Committee on March 21. The TOD Sub-Committee unanimously recommended that Arcadia Realty Corporation be awarded the development opportunity via a purchase and sale agreement.
Under the terms of the proposed purchase and sale agreement, the property sale would be contingent upon Arcadia's successful rezoning of the property from Downtown (TC) Transit Center District to single-family residential. Further, the City would retain the first right-of-refusal to buy back the property for the same sale price should Arcadia wish to sell the acreage.
Bill Gietema of Arcadia Realty Corporation will be available at the April 18 City Council meeting to discuss Arcadia's vision for the site, if the Council so desires.
FINANCIAL IMPLICATIONS:
Arcadia has made a purchase offer for the net developable land (approximately 14.3 acres of the total 25-acre site) for $750,000. The City would retain ownership of the remaining acreage, which is in the 100-year flood plain. The City and Arcadia would equally share the closing c...
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