6.a.
TCEDC Agenda
- Meeting Date:
- 07/23/2025
- Title:
- Consider approval of purchase of property located within the Industrial Business District owned by Albert Pepin – 2622 1st Avenue South, GCAD 187923.
- 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 owned by Albert Pepin – 2622 1st Avenue South, GCAD 187923.
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 Albert Pepin, who would like to sell his property located at 2622 1st Avenue South. The property does have structures on it – his residence as well as a two-story garage behind the home.
Given the $2.55/square foot purchase price the EDC would typically consider in a purchase of IBD property, the total cost to acquire the property would be $17,772.48.
Staff has communicated a conditional offer to purchase the property for the cost above, contingent upon approval by the EDC. Mr. Pepin has provided a letter which states that he is willing to accept this offer.
TCEDC staff were approached by Albert Pepin, who would like to sell his property located at 2622 1st Avenue South. The property does have structures on it – his residence as well as a two-story garage behind the home.
Given the $2.55/square foot purchase price the EDC would typically consider in a purchase of IBD property, the total cost to acquire the property would be $17,772.48.
Staff has communicated a conditional offer to purchase the property for the cost above, contingent upon approval by the EDC. Mr. Pepin has provided a letter which states that he is willing to accept this offer.
ANALYSIS
Consider approval of purchase of property located within the Industrial Business District owned by Albert Pepin – 2622 1st Avenue South, GCAD 187923, for a total purchase price of $17,772.48.