City of Round Rock - File #: 2016-3399

• File #: 2016-3399
• Type: Resolution
• Status: Passed
• File created: 4/11/2016
• In control: City Council
• On agenda: 4/28/2016
• Final action: 4/28/2016
• Title: Consider a resolution authorizing the Mayor to execute a Real Estate Contract with Sunrise Burger, Ltd. for the purchase of a 0.119 acre tract and a 0.1016 acre temporary construction easement necessary for the University Boulevard Widening Project (Parcel 7).
• Indexes: RR Transportation and Economic Development Corporation (Type B)

Date	Ver.	Action By	Action	Result
4/28/2016	1	City Council	approve	Pass

Title

Consider a resolution authorizing the Mayor to execute a Real Estate Contract with Sunrise Burger, Ltd. for the purchase of a 0.119 acre tract and a 0.1016 acre temporary construction easement necessary for the University Boulevard Widening Project (Parcel 7).

Body

The City's original appraised value for this acquisition was $91K. The owner made a counteroffer of $225K in response. After discussions with the city manager and department head, they recommended an updated purchase offer of $115K in order to avoid condemnation. This updated purchase offer was accepted by the owner and is the amount of the purchase contract to be approved.

Cost: $115,000.00

Source of Funds:  Type B Corporation

Recommended Action

Staff recommends approval.