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Consider/Discuss/Act on a Resolution Authorizing Execution of a Project Participation Agreement with the Texas Department of Transportation for the Reimbursement of Land Acquired by the City of McKinney for Airport Use
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MEETING DATE: November 5, 2013
DEPARTMENT: Airport
CONTACT: Kenneth F. Wiegand, A.A.E., Airport Director
RECOMMENDED CITY COUNCIL ACTION: Approve Resolution
ITEM SUMMARY:
* This resolution is required by the Texas Department of Transportation to document the City of McKinney's administrative and financial support and acceptance of a reimbursement for land acquisition.
* This resolution will designate TxDOT as the City's agent to administer the reimbursement.
* This resolution will obligate the City of McKinney to pay its 10% share of the land cost. However, the City's match will be deducted from the total cost of the prior land purchase.
BACKGROUND INFORMATION:
* This reimbursement is for:
o Tract 24 (3.532 ac purchased from Town of Fairview) $341,998
o Tracts 26A & B (13.454 ac purchased from McKinney Horizons) $1,478,610
o Relocated FM546 Right-of-way tracts known as -
* Eaker (0.002 ac) $2,143
* Simpson (0.272 ac) $27,954
* Pecan F.O.R.K. (0.130 ac) $8,091
* McKinney Land and Cattle 114 (1.708 ac) $98,550
SPECIAL CONSIDERATIONS:
FINANCIAL SUMMARY:
* The City of McKinney's match (10% or $195,734) will be deducted from the total cost of the land purchase.
* Total project cost is estimated to be $5,237,387 of which the City of McKinney is requesting partial reimbursement for the uncontested properties referenced above.
Project
Total Cost
TxDOT Share
City Share
Land Reimbursement
$1,957,346
$1,761,612
$195,734
Total
$1,957,346
$1,761,612
$195,734
BOARD OR COMMISSION RECOMMENDATION: This action must be expedited to receive reimbursement by the end of December 2013. The next MADC meeting is November 14, 2013. This is a reimbursement for City funding that has been invested in ...
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