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 City Manager To Enter Into A Purchase And Sale Agreement For 1.221 Acres Of Land At 1404 Fannidella Drive, Meadows Apartments, William Larner Abstract 799, Page 516, Tract 45, City Of Carrollton, Dallas County, Texas In An Amount Not To Exceed $2,500,000.00.
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BACKGROUND:
This purchase and sale agreement will acquire the southern 26 units of the Meadows Apartments, located along Crosby Road and west of the Crosby Recreation Center. Acquiring this parcel will further the City’s goal of redeveloping the blighted area.
FINANCIAL IMPLICATIONS:
The purchase price for the southern 26 units is $2,500,000. Funding is available in the Transit-Oriented Capital Account.
IMPACT ON COMMUNITY SUSTAINABILITY:
The acquisition of this property as a part of the greater Crosby Road Redevelopment initiative will greatly benefit the surrounding properties by increasing their values and removing a source of blight from the area. In addition, the City will permanently remove a major obstacle to the revitalization of Downtown Carrollton.
STAFF RECOMMENDATION/ACTION DESIRED:
Staff recommends City Council approval of the attached resolution authorizing the City Manager to enter into a purchase and sale agreement for 1.221 acres of land at 1404 Fannidella Drive In An Amount Not To Exceed $2,500,000.