Item 10E (2)City of Southlake, Texas
M E M O R A N D U M
September 29, 2003
TO: Billy Campbell, City Manager
FROM: Greg Last, Director of Economic Development
SUBJECT:Authorize the Mayor to execute a Contract for Sale regarding the sale of approximately
2.232 acres of city-owned property at the northeast corner of FM 1709 and Pearson Lane.
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Action Requested:
Authorize the Mayor to execute a Contract for Sale regarding the sale of
approximately 2.232 acres of city-owned property at the northeast corner of FM
1709 and Pearson Lane.
Background
Information:
This property was a part of a larger property purchased for the purpose of
constructing ground water storage tanks and pump station. The tanks have been
constructed, and Council has directed staff to proceed with the sale of this corner
property. The property was bid publicly and we are now working to consummate
a sale of the property.
Financial
Considerations:
The sale price for this property is approximately one million dollars ($1,000,000).
The property was originally purchased via the utility fund and proceeds from the
sale of this property will go to the utility fund.
Citizen Input/
Board Review:
none
Legal Review:
City Attorney Tim Sralla has approved the legal aspects of this contract.
Alternatives:
1. Authorize execution of the contract
2.Authorize execution with changes as directed
3.Hold off on the sale of the property at this time
Supporting
Documents:
Attached is the current draft of the contract for approval.
Staff
Recommendation:
Authorize the Mayor to execute the contract.