Title
Ordinance - First Reading of an Ordinance Awarding a Bid for Sale and Exchange of Approximately 11.91 Acres of Real Property Within the City
Requested Action
Approval of Ordinance
Recommendation
Defer to Council
Description/History
A Notice of Bid for the purchase or exchange of approximately 12.5 acres out of the real property located at the northeastern corner of the intersection of US 287 and East Broad Street was advertised on Saturday, July 18th and Sunday, July 19th. One bid was submitted by Gabriel Broad Street, LLC. The bid included the exchange of 11.91 acres currently owned by Gabriel in exchange for 11.91 acres currently owned by the City, per the attached Exhibit A of the bid.
In addition, the bid requires the following:
*City pay all closing cost
*A Purchase and Sale Agreement (PSA) outlining the parties rights and responsibilities
*The Deed conveying City property to Gabriel , to be held in escrow at such time Gabriel makes a written request for the completion of the transfer
*City, at its cost, be required to extend sanitary and storm water sewer from Walnut Creek to the City's property
*City, at its cost, be required to construct a concrete and curbed road, as highlighted in yellow on Exhibit A
Justification
N/A
Funding Source
N/A
Prepared By
Chris Burkett, ACM
Assistant City Manager
chris.burkett@mansfieldtexas.gov
817-276-4264