Title
Resolution - A Resolution Awarding a Bid and Authorizing the City Manager to Enter into a Contract of Sale and Exchange for Approximately 4.22 Acres of Property
Requested Action
Consider approving the Resolution to award a bid for 4.22 acres.
Recommendation
Approve Resolution
Description/History
The City owns approximately 4.22 acres along HWY 287 that had been considered as a site on which to build a Dallas StarCenter.
The City determined a better site for the facility might be the land near or adjacent to the City property. The City published a bid notice for the purchase or exchange of real property to find a more suitable site. The bids were publicly opened on July 14, 2016.
Geyer Morris Company, LLC submitted a bid to exchange approximately 6.5 acres of real property currently owned by the Company and provide additional consideration of $2 million.
Justification
The exchange of properties along with the additional consideration has been determined to be a comparable value for the City property and provides the City with the best value.
Funding Source
N/A
Prepared By
Shelly Lanners, Deputy City Manager
shelly.lanners@mansfieldtexas.gov
817-276-4265