HomeMy WebLinkAboutCity Council Resolutions (Resolution R-20-4507)-06/16/2020RESOLUTION R-20-4507
A RESOLUTION APPROVING COUNCIL ACTION
REGARDING EXECUTIVE SESSION ITEMS AT THE REGULAR
CITY COUNCIL MEETING OF JUNE 16, 2020
WHEREAS, following discussion in Executive Session, and in full accordance
with the requirements of the Open Meetings Act, the City
Council determines that the following action is in the best
interests of the health, safety and welfare of the public; and
WHEREAS, the City Council had determined that there are few remaining
undeveloped parcels of real property along the State Highway
26 Corridor ("SH26 Corridor") within the City; and
WHEREAS, the City of Colleyville, in partnership with other local taxing
authorities, previously established a Tax Increment Financing
Reinvestment Zone ("TIF") which presently contains dedicated
funding for the enhancement and development of the SH26
Corridor; and
WHEREAS, the City Council has declared that there is a special need and
public purpose for acquiring undeveloped real property along
the SH26 Corridor for fair market value to ensure the remaining
open spaces within this area are responsibly developed in a
manner that will provide the highest value to the Colleyville
community.
WHEREAS, the City Council finds that it is in the best interests of the public
to acquire the real properties at 6900 SH26 and 1701 John
McCain Road, (herein the "Properties") in the City of Colleyville,
being a combined total of 22.62 acres and located adjacent to
the City owned property near the SW corner of Colleyville
Boulevard and John McCain Road, and has determined that the
appraised market value for the Property is $4,435,000.00.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF COLLEYVILLE, TEXAS:
Sec. 1. THAT the City Council hereby approves the purchase of the
Properties for a purchase price not -to -exceed $4,100,000.00,
plus all costs associated with closing, including title, inspection,
and other professional fees reasonably necessary for closing.
Resolution R-20-4507
Page 2of2
Sec. 2. THAT the source of funding for the acquisition of the foregoing
Properties will be from the TIF; and the City Manager, or his
designee, is hereby authorized to negotiate and execute all
contracts and other documents associated with the acquisition
of the Properties, subject to review by the city attorney.
AND IT IS SO RESOLVED.
APPROVED BY A VOTE OF 6 AYES, 0 NAYS ON THIS THE 16TH DAY OF JUNE
2020.
Mayor Richard Newton Aye Mayor Pro Tern Bobby Lindamood Aye
Place 1, Tammy Nakamura Absent Place 3, Kathy Wheat Aye
Place 4, George Dodson Aye Place 5, Chuck Kelley Aye
Place 6, Callie Rigney Aye
ATTEST:
0- "� ('-V�
Christine Loven, TRMC
City Secretary
CITY OFnC-OLL�EYVILLE
Richard Newton
Mayor