Title
Resolution - A Resolution Authorizing the Purchase of Property Located at 119 Magnolia Street in the Amount of $135,000
Requested Action
Approve Resolution to Purchase Property Located at 119 Magnolia Street
Recommendation
Approve Resolution
Description/History
This private property is adjacent to and encompassed by Julian Feild Park at 1531 East Broad Street. The acquisition of this property would allow for the expansion of the park to include other amenities such as a looped walking trail, picnic stations and exercise stations. This acquisition would also allow for a potential future connection to the Walnut Creek Linear Park system through James McKnight Park West.
The proposed acquisition includes three (3) acres of land located at 119 Magnolia Street, a tract of land out of the W.C Price Survey, Abstract No. 1240 City of Mansfield, Tarrant County, Texas. The negotiated purchase price of the property with the owner is $135,000, with $125,000 being paid by the Mansfield Park Facilities Development Corporation (MPFDC). The remaining $10,000 will be paid by the Public Works and Transportation Department for the acquisition of a portion of the property for rights-of-way for future improvements to Magnolia Street. The MPFDC will also be responsible for the associated closing costs and any prorated taxes due to the Tarrant Appraisal District. The proposed contract of sale was approved with a vote of 4-0 at the February 15, 2018 MPFDC board meeting.
Justification
This property acquisition would prevent future private development within and adjacent to the park while expanding the existing park thus providing additional space for other neighborhood recreational opportunities to occur.
Funding Source
MPFDC ½ Cent Sales Tax
Engineering Street Bonds
Prepared By
Matt Young, Director of Parks and Recreation
817-804-5798