CC MEETING: September 20, 2016
DATE: September 14, 2016
TO: Leonard Martin, City Manager
FROM: Krystle Nelinson, Development Program Manager
Title
Consider A Resolution Authorizing The Execution Of A Residential Contract For The Purchase Of 1.73 Acres Of Land At 1603 East Crosby Road, Francis Perry 1, Block 5, Tract 9, City of Carrollton, Dallas County, Texas In An Amount Not To Exceed $450,000.00.
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BACKGROUND:
This residential contract will acquire 1.73 acres of land located along Crosby Road, north of the Crosby Recreation Center, east of South Broadway. The acquisition of this property is consistent with the master plan for the Crosby Road Redevelopment initiative developed my TBG partners, which has been attached to this agenda memo for reference.
This parcel will ultimately be sold to and developed by the selected respondent to the Crosby Road Redevelopment Request for Proposal (RFP). Should the Crosby Road Redevelopment RFP be awarded prior to 2 weeks before the closing date, this contract can be assigned directly to the developer. The closing date is December 8, 2016, so the developer would have to be selected before November 25, 2016.
FINANCIAL IMPLICATIONS:
The purchase price for the parcel is $450,000.00. Funding for the purchase is available in the TOD Capital Account.
IMPACT ON COMMUNITY SUSTAINABILITY:
The acquisition and redevelopment of this property is part of the greater Crosby Road Redevelopment initiative, which will greatly benefit the surrounding properties by increasing their values. Further, the initiative will introduce new housing stock to the area and generate additional traffic to Downtown Carrollton and surrounding areas.
STAFF RECOMMENDATION/ACTION DESIRED:
Staff recommends City Council approval of the attached resolution authorizing the execution of a residential contract for the purchase of 1.73 acres of land at 1603 East Crosby Road, Francis Perry 1, Block 5, Tract 9, City of Carrollton, Dallas County, Texas, in the ...
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