Title
Consider a resolution authorizing execution of an Agreed Final Judgment and Rule 11 Settlement Agreement with Community Homeowners Association of Lake Forest, Inc. to acquire 0.650 acre of property required for construction of improvements to Gattis School Road, Segment 6 Project.
Body
The negotiated Agreed Judgment amount of $450,000 was reviewed with and recommended for approval by the Executive Director of Public Works following an unsuccessful meditation in the current condemnation suit. Approximately $250,000 - $275,000 of the proposed acquisition value was for replacement of subdivision monument signs and related entry improvements at Lake Forest Drive. The City has previously paid $386,127 pursuant to an Award of Special Commissioners in the condemnation suit, which is to be offset from the final judgment amount. The Rule 11 agreement memorializes a license agreement for replacement and operation of irrigation sleeve crossings impacted by the road construction project.
Cost: $450,000.00 ($386,127.00 paid; $63,873.00 balance due)
Source of Funds: Round Rock Transportation and Economic Development Corporation (Type B)