Title
Ordinance - Third and Final Reading on an Ordinance Approving a Development Agreement and Contract of Sale Conveying Certain Property Consisting of 0.463 Acres Located North of Alvarado Street Between 1st Ave. and 2nd Ave. to Posse Construction LLC d/b/a Mansfield Custom Homes
Requested Action
Consider the attached ordinance
Recommendation
Approve the attached ordinance
Description/History
On December 17, 2014, Council awarded the bid for the sale of the subject property to Mansfield Custom Homes and directed staff to negotiate the terms of the final agreement.
Section 2 of the attached development agreement shows the terms as proposed by Mansfield Custom Homes in its bid. The new owner must construct three foundations on the property within six months of closing (estimated date September 27, 2015) , otherwise, any lots without foundations will be reverted back to the city. Like most real estate transactions, the closing is contingent on the City approving the PD zoning change for five homes as shown in Exhibit B.
Prepared By
Felix Wong, Director of Planning
817-276-4228