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 co...
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