Title
Consider/Discuss/Act on a Resolution Authorizing the Interim City Manager to Enter into a Purchase and Sale Agreement between the City of McKinney, Texas, a Texas Home-Rule Municipal Corporation, and Roger Pelton, an Individual, and Arlene Pelton, an individual, and the Pelton Family Limited Partnership, a Texas Family Limited Partnership
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney
Direction for Strategic & Economic Growth
MEETING DATE: May 17, 2016
DEPARTMENT: Parks and Recreation
CONTACT: Rhoda L. Savage, Director of Parks and Recreation
RECOMMENDED CITY COUNCIL ACTION:
• Approve Resolution.
ITEM SUMMARY:
• The City currently owns a parcel of land along the south side of FM 380, and east side of Gray Branch Road.
• The site is referred to as Gray Branch Park.
• The total existing park acres is approximately 150. (See attached exhibit)
• A 62 acre parcel of land along the west side of Gray Branch Road was advertised for sale in an amount of $4M. (See attached exhibit)
• City staff met with the realtor and City Council on numerous occasions.
• City Council authorized staff to pursue acquisition of the land for use as a City park for an amount of $3.5M.
• The offer was made and accepted.
BACKGROUND INFORMATION:
• In order to pursue the property acquisition, a sales agreement is needed.
• The City attorney has prepared a Purchase and Sale Agreement as needed to secure the property. (See attached Sales Agreement)
• City Council authorization is required for execution of that agreement.
• A Resolution authorizing the Interim City Manager to execute the Purchase and Sale Agreement is attached for City Council consideration. (See attached Resolution.)
• If approved, the City will continue the process of acquiring the property as part of Gray Branch Park.
FINANCIAL SUMMARY:
• In a concurrent CIP Amendment, staff is requesting additional funds as needed to cover the land acquisition cost.
• Funds from the Parkland Dedication Zone 3 and Land Acquisition (PK2262) accounts will be utilized for this transaction.
BOARD OR COMMISSION RECOMMENDATION:
• N/A