Item 5ECity of Southlake, Texas
MEMORANDUM
TO: Billy Campbell, City Manager
FROM: Sharen Elam, Director of Finance Ext. 1713
SUBJECT: Ratify the purchase of a title insurance policy for Block 6 Lot 1 Town Square
Addition
Action Requested: Ratify purchase of title insurance policy.
Background
Information: Council directed staff to purchase title insurance for Town Hall at your last
regular meeting following discussions with real estate attorney Glenn Gidel.
Approval of this agenda item will formally ratify the expenditure of funds to
purchase the title insurance policy. The actual cost of the policy was
$66,369.59. Cooper & Stebbins contributed $11,082 and the balance of
$55,287.59 will be split 75/25 between the City ($41,465.69) and Tarrant
County ($13,821.90).
Financial
Considerations: $41,465.69 of General Funds- one time expenditure
Citizen Input/
Board Review: None required
Legal Review: Item discussed previously with Glenn Gidel, real estate attorney.
Alternatives: None
Supporting
Documents: N/A
Staff
Recommendation: Approval of this agenda item