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 Purchase Of 1500 And 1506 South Broadway, Carrollton Annex Addition, Block B, Lots 1, 2, 3 And 4, City Of Carrollton, Dallas County, Texas In An Amount Not To Exceed $128,084.07.
Body
BACKGROUND:
On February 10, 2016, the City of Carrollton submitted a letter to the Carrollton-Farmers Branch Independent School District (CFBISD) Board of Trustees with an offer to purchase two lots owned by the School District, in trust, at 1500 and 1506 South Broadway in Downtown Carrollton. After negotiations between City and School District staff, it was agreed that the City would purchase the two lots for a sum of $128,084.07.
As terms of the sale, the City would accept a deed without warranty for the property and agree to purchase the property in its “as is” condition. All survey, title policy, and closing costs will be absorbed by the City.
The CFBISD Board of Trustees has already adopted a resolution affirming the sale. Once the attached resolution is approved by the City Council, City staff will begin to process payment. Both the School District and the City will be ready to immediately close on the sale once payment is issued.
FINANCIAL IMPLICATIONS:
The purchase price for these parcels is $128,084.07. Funding for the purchase is available in the TOD Capital Account.
STAFF RECOMMENDATION/ACTION DESIRED:
Staff recommends City Council approval of the attached resolution authorizing the purchase of 1500 and 1506 South Broadway in an amount not to exceed $128,084.07.