Item 4FCity of Southlake, Texas
M E M O R A N D U M
June 12, 2007
TO: Shana Yelverton, City Manager
FROM: Jim C. Blagg, Assistant City Manager/Director of Public Safety
SUBJECT:Authorize the purchase of 2.13 acres out of the R. Eads Survey, Abstract No. 481,
Tarrant County, Texas, being a portion of a 16.602 acre tract of land as described by
deed to SLTS Land, LP recorded under Instrument No. D205049245, Deed Records,
Tarrant County, Texas, in the amount of $1,182,981 less a discounted infrastructure
payment of $250,431 for a net sales price of $932,550.
___________________________________________________________________________
Action Requested:
Authorize the purchase of 2.13 acres out of the R. Eads Survey, Abstract No.
481, Tarrant County, Texas, being a portion of a 16.602 acre tract of land as
described by deed to SLTS Land, LP recorded under Instrument No.
D205049245, Deed Records, Tarrant County, Texas, in the amount of
$1,182,981 less a discounted infrastructure payment of $250,431 for a net sales
price of $932,550.
Background
Information:
The Crime Control and Prevention District Board approved the purchase of
additional property needed for the new DPS Central Facility. It was decided to
utilize the current site of the DPS East facility and acquire the additional land
needed to accommodate the new facility. The architect identified the need for
approximately two additional acres and it was later determined through a
preliminary design and survey that 2.13 acres was needed. The City obtained a
real estate appraisal from Goodrich, Schechter & Assoc., Inc that valued the
land at approx. $11.00/sq.ft. Cooper and Stebbins obtained an appraisal from
Gene Rhodes & Assoc. that valued the land at $12.75/sq.ft. Negotiations were
conducted with Cooper and Stebbins and a price of $12.75 per sq.ft. was
agreed upon for a total price of $1,182,981. Cooper and Stebbins agreed to
pay for their portion of road construction less a discount for paying at the
beginning of the project with a total discounted price of $250,431. After
reducing the purchase price by the road/infrastructure contribution from
Cooper and Stebbins, the total purchase price is $932,550.
Financial Impact:
The total purchase price for the 2.13 acres is $932,550. We had budgeted $1.2
million for this purchase and these costs are within budget. The funding for
this project can be funded from the Crime Control & Prevention District tax
revenue.
Citizen Input/
Board Review
: Crime Control & Prevention District Board approved the funding for this
purchase at its 12 June 2007 Board Meeting
Jim C. Blagg, Assistant City Manager/Director of Public Safety
November 10, 2010
Page 2
Legal Review
: The contract and closing documents will be reviewed and approved by City
legal staff.
Alternatives:
The City Council may modify or reject the proposed purchase.
Supporting
Documents
: Term Sheet
Staff
Recommendation
: Authorize the purchase of 2.13 acres from Cooper and Stebbins for a price of
$932,550.00.
DRAFT TERM SHEET
Jim C. Blagg, Assistant City Manager/Director of Public Safety
November 10, 2010
Page 2
Purchase and Sale of 2.13 acres of land in support of proposed DPS Facility
Seller:
SLTS Land, L.P.
Buyer:
City of Southlake
Land
: 2.13 acres of unimproved land located in Southlake Town Square, “As Is,” as
described on Exhibit A, attached.
Purchase Price:
The Purchase price shall be $1,182,981 ($12.75/sf), in cash paid at Closing. Seller’s
proceeds shall be reduced by $250,431 for Seller’s share of improvements constructed
by Purchaser within Division Street and State Street rights-of-way (see “Other
Provisions,” below), for a net payable to Seller of $932,550.
Title/Survey:
City shall procure and pay for any title insurance and/or survey desired in respect of
the Land.
Closing Costs:
City shall pay any and all usual and customary closing costs incurred in connection
with the sale of the Land.
Closing:
The consummation of the purchase and sale transaction shall take place no more than
90 days prior to nor less than 60 days prior to construction commencement by Buyer.
The conveyance will be by Special Warranty Deed.
Other Provisions
:
1.
Division Street: As part of development of the DPS Facility, City will construct Division Street
right-of-way and associated infrastructure from N. Carroll Avenue eastward to State Street, per the
Revised Concept Plan. Cost is $340,498 per Cheatham and Associates Opinion of Probable Cost
dated May 10, 2007. Discounted cost of Seller’s share of such improvements is $124,485.
2.
State Street: As part of development of the DPS Facility, City will construct State Street right-of-way
and associated infrastructure from the intersection with Division Street (as extended by City, per
above) north to the northern boundary of the DPS site, per the Revised Concept Plan. Cost is
$344,496 per Cheatham and Associates Opinion of Probable Cost dated May 10, 2007. Discounted
cost of Seller’s share of such improvements is $125,946.
Jim C. Blagg, Assistant City Manager/Director of Public Safety
November 10, 2010
Page 2
Exhibit A
Survey