CC MEETING: April 21, 2015
DATE: April 13, 2015
TO: Leonard Martin, City Manager
FROM: Cesar J. Molina, Jr., P.E., Director of Engineering
Title
Consider A Resolution Authorizing The City Manager Or His Designee To Enter Into An Agreement To Sell A 40,893 Square Feet Tract Of Land In Fee Simple, Which Tract Is Part Of A Parcel Of Land Located At 1825 North IH-35E; And Providing An Effective Date.
Body
BACKGROUND:
This agenda item is to seek authorization to sell property to the Texas Department of Transportation (TxDOT) for the IH-35E managed lanes expansion project, phase 2. This sale consists of one partial tract of vacant property, known as 1825 North IH-35E. The partial tract is 40,893 square feet of land.
FINANCIAL IMPLICATIONS:
TxDOT has provided a full appraisal establishing the fair market value of the property. Proceeds from the sale ($327,144.00) will be deposited in the City's General Fund.
IMPACT ON COMMUNITY SUSTAINABILITY:
The land will be used to expand existing roads in the city. The remainder of the city's property at Luna Road and North IH-35E can still be developed.
STAFF RECOMMENDATION/ACTION DESIRED:
Staff recommends approval of the attached resolution authorizing the City Manager or his designee to sell the tract of land to TxDOT.