Title
Consider a resolution authorizing the Mayor to execute a Possession and Use Agreement with Georgetown Title Company, Inc. for the Reconstruction of Round Rock Avenue Project.
Body
The Southwest Downtown Phase 5 project will construct a roundabout at the current intersection of Round Rock Avenue and Blair Street, allowing for the establishment of a connection between the east and west portions of Main Street. Subsequently, it has been determined that the property located at 212 Round Rock Avenue must be acquired to accommodate the roundabout and associated improvements.
An appraisal was conducted for this property by Paul Hornsby and Company, which assessed the value at $280,000.00. In discussions with the owners of this property, Georgetown Title Company, they expressed an interest in exchanging property with the City rather than an outright purchase. As of this date a suitable and agreeable property has not been identified to utilize in an exchange; therefore, in order to allow the City to move forward with the roadway project a Possession and Use Agreement was drafted. This document gives the City the rights to enter the property and construct the road project while the details of any land exchange are being negotiated. In exchange, the City must post in escrow 90% of the appraised value, or $252,000.00. These funds will either go toward the eventual purchase of the property, or all or a portion of the funds will be returned to the City if a suitable property for exchange is identified and successfully negotiated. The ongoing discussions between the property owners and the city are amicable and should result in a positive outcome for both parties. The current tenants of the subject property have been involved in the discussions and are in the process of identifying a new location within the city. We have jointly agreed to a vacate date of January 31, 2014, so that the impending construction can move forward on schedule.
Approval of this Posse...
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