Title
Ordinance - Third and Final Reading of an Ordinance Authorizing the Conveyance of Approximately 4.22 Acres of City Owned Real Property; Authorizing the City Manager to Execute all Documents Necessary to Complete the Transaction; and Providing an Effective Date.
Requested Action
Consider approving the Ordinance to convey City-owned property
Recommendation
Approve Ordinance
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's 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.
Shops at Broad, LLC submitted a bid to exchange approximately 5.13 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 reasonable consideration for both parties.
Funding Source
N/A
Prepared By
Shelly Lanners, Deputy City Manager
shelly.lanners@mansfieldtexas.gov
817-276-4265