6.b.
TCEDC Agenda
- Meeting Date:
- 02/05/2025
- Title:
- IBD property purchase - 502 2nd Avenue N
- Submitted For:
- Kristin Edwards
- Submitted By:
- Kristin Edwards, Economic Development
- Department:
- Economic Development
ACTION REQUEST (Brief Summary)
Consider approval of purchase of property located within the Industrial Business District at 502 2nd Avenue N. (GCAD ID# 224446).
BACKGROUND
The Texas City Economic Development Corporation has historically purchased property located in the Industrial Business District – which cannot be used for residential or general retail purposes - to support Light Industrial use and to provide a buffer between industrial development and residential development.
TCEDC staff were approached by Yesenia Vela, a realtor representing Mr. Regis Bellow, who owns the piece of property within the IBD located at the southwest intersection of 2nd Avenue North and 5th Street. The property is listed by the Galveston County Appraisal District as ID# 224446, and it is approximately 0.29 acres in size.
While the property is appraised at $43,760, the seller is asking for $30,000 to purchase the property. This amount is lower than the $2.55/square foot the EDC would typically consider in a purchase of property within the IBD
Staff has communicated a conditional offer to purchase the property for $30,000, contingent upon approval by the EDC.
TCEDC staff were approached by Yesenia Vela, a realtor representing Mr. Regis Bellow, who owns the piece of property within the IBD located at the southwest intersection of 2nd Avenue North and 5th Street. The property is listed by the Galveston County Appraisal District as ID# 224446, and it is approximately 0.29 acres in size.
While the property is appraised at $43,760, the seller is asking for $30,000 to purchase the property. This amount is lower than the $2.55/square foot the EDC would typically consider in a purchase of property within the IBD
Staff has communicated a conditional offer to purchase the property for $30,000, contingent upon approval by the EDC.
ANALYSIS
Approve the purchase of property located within the Industrial Business District at 502 2nd Avenue N., further identified by GCAD ID# 224446, in the amount of $30,000.