Title
Consider a resolution authorizing the Mayor to execute a Real Estate Contract with North Forest Office Space-Austin, LLC for the purchase of a 0.515-acre tract of land required for the construction of the Gattis School Road (Phase 3) project.
Body
This tract of land is needed for the Gattis School Road (Phase 3) project. It is located in the vicinity of Gattis School and Double Creek and the tracts are either side of Dazzle Coffee. The 0.515-acre tract of land is three separate tracts. Parcel 16 - 0.25 acres, Parcel 17 - 0.03 acres, and Parcel 22 - 0.23 acres.
The proposed contract purchase price is equal to the City's recommended appraised value for these three parcels which have the same owner entity. There were three separate appraisals in the amounts of $63,817 (Parcel 16), $7,857 (Parcel 17), and $60,654 (Parcel 22), making up the total purchase price of $132,328 in a single purchase agreement document.
Cost: $132,328.00
Source of Funds: Transportation and Economic Development Corporation (Type B)