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Consider/Discuss/Act on a Resolution for the Purchase of Approximately 298 Acres of Land South of US 380 and East of the East Fork Trinity River
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MEETING DATE: April 2, 2013
DEPARTMENT: Parks, Recreation and Open Space
CONTACT: Lemuel Randolph, Director of Parks, Recreation and Open Space
RECOMMENDED CITY COUNCIL ACTION:
· Approval of the Resolution.
ITEM SUMMARY:
· The proposed resolution authorizes the City to enter into a contract to purchase approximately 298 acres of land south of US 380 and east of the East Fork Trinity River.
· This property was originally identified in the 2003 Parks Strategic Plan as a portion of the west portal at US380 and the East Fork Trinity River.
· This property would provide contiguous City owned floodplain for the planned Trinity River hike and bike trail.
· The requested amount is not to exceed a total of $1,863,760.
o 298 acres $6,000/acre $1,788,000
o Principal Broker Fee $ 35,760
o Estimated closing cost $ 10,000
o Exceptions to discrepancies $ 30,000
o TOTAL $1,863,760
BACKGROUND INFORMATION:
· This current property owners will retain a lease for 5 years.
FINANCIAL SUMMARY:
· Due to the sellers interest in maximizing tax savings the land acquisition will not be funded until October.
· Funds for land acquisition are available in PK2262.
BOARD OR COMMISSION RECOMMENDATION:
· N/A