6.a.
TCEDC Agenda
- Meeting Date:
- 12/06/2023
- Title:
- Consider approval of purchase of property located within the Industrial Business District (GCAD 225427).
- 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 (GCAD 225427), as well as associated closing/title fees.
BACKGROUND
The Texas City Economic Development Corporation (TCEDC) 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.
TCEDC staff was approached by Wade Comeaux, who purchased a piece of property located at 919 2nd Avenue South, within the IBD. Mr. Comeaux inquired about TCEDC purchasing said property. The property is listed by the Galveston County Appraisal District as ID# 225427, and it is .14 acres, or 6,250 square feet, in size.
Staff made a conditional offer to purchase the property at a rate of $2.45/square foot, (TCEDC's established purchase price for property in the IBD) calculated to be $15,312 total, contingent on approval by the TEDC. Additionally, the TEDC is being asked to approve closing and title fees in an amount estimated to be approximately $1,000.
With taxes owed totaling $6,678.14, the total payout to Mr. Comeaux would be $8,633.86.
TCEDC staff was approached by Wade Comeaux, who purchased a piece of property located at 919 2nd Avenue South, within the IBD. Mr. Comeaux inquired about TCEDC purchasing said property. The property is listed by the Galveston County Appraisal District as ID# 225427, and it is .14 acres, or 6,250 square feet, in size.
Staff made a conditional offer to purchase the property at a rate of $2.45/square foot, (TCEDC's established purchase price for property in the IBD) calculated to be $15,312 total, contingent on approval by the TEDC. Additionally, the TEDC is being asked to approve closing and title fees in an amount estimated to be approximately $1,000.
With taxes owed totaling $6,678.14, the total payout to Mr. Comeaux would be $8,633.86.
ANALYSIS
Approve the purchase of property located within the Industrial Business District (GCAD 223876), as well as associated closing/title fees.