Title
Consider a resolution authorizing the Mayor to execute a real estate purchase contract with Nelson Homestead Family Partnership, Ltd., for a 4.50 acre water storage tank and pump station site.
Body
This proposed purchase of 4.50 acres is for a future water storage tank and pump site to be shared with the City of Georgetown in the northwest quadrant of the intersection of CR110 and University Boulevard. The purchase price will be funded through ARPA grant money and is also part of a simultaneous transaction to purchase an adjacent 2.50 acre fire station site from the same owner. The purchase price of $8.35/SF was negotiated with the owner using appraisal value data derived from the City's CR112 right of way acquisitions from the same owners.
Cost: $1,636,767.00
Source of Funds: ARPA