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Item 4ECity of Southlake, Texas c M E M O R A N D U M July 6, 2007 TO: Shana Yelverton, City Manager FROM: Steve Polasek, Director of Community Services Authorization to accept general warranty deed for parks in the Town Square SUBJECT: Grand Avenue District ___________________________________________________________________________ Action Requested: City Council authorization to accept general warranty deed for parks (McPherson and Plaza parks) in the Town Square Grand Avenue District. Background Information: Included as a part of the developer’s agreement for Town Square Grand Avenue is the construction of two public parks (McPherson Park and Plaza Park). These facilities have been completed by the developer and staff is currently proceeding with the process of accepting the parks in conjunction with the other public improvements. At the April 17, 2007 City Council meeting, authorization was provided to accept the deeds for various streets and right-of-ways. This item continues the acceptance process by providing authorization to receive the public park areas upon satisfaction of the requirements of our existing agreements and as acceptable to the City Attorney. Financial Considerations: Not applicable. Financial Impact: The City’s participation in development of the public parks is $1,000,000 as authorized through the TIF Development Agreement executed on May 3, 2005. Citizen Input/ Board Review: Not applicable. Legal Review: The attached general warranty deed for public parks in the Grand Avenue District of Town Square has been reviewed by the city attorney. Alternatives: City Council consideration. Supporting Documents: Supporting documents include: General warranty deed for Plaza and McPherson parks Staff Recommendation: City Council authorization to accept the general warranty deed for parks (McPherson and Plaza parks) in the Town Square Grand Avenue District. Shana Yelverton, City Manager July 6, 2007 Page 2 Shana Yelverton, City Manager July 6, 2007 Page 3 Shana Yelverton, City Manager July 6, 2007 Page 4 Shana Yelverton, City Manager July 6, 2007 Page 5 Shana Yelverton, City Manager July 6, 2007 Page 6