6.e.
TCEDC Agenda
- Meeting Date:
- 06/03/2026
- Title:
- Execute a letter of intent from Elevated Development for the purchase of approximately 48 acres of TCEDC-owned property.
- Submitted For:
- Kristin Edwards
- Submitted By:
- Kristin Edwards, Economic Development
- Department:
- Economic Development
ACTION REQUEST (Brief Summary)
Execute a letter of intent from Elevated Development for the purchase of approximately 48 acres of TCEDC-owned property.
BACKGROUND
TCEDC staff have been approached by Elevated Development with a letter of intent to purchase approximately 48 acres of TCEDC-owned property above Mall of the Mainland.
The property, a southern portion of GCAD ID 228658 (southern portion), is located immediately above Mall of the Mainland property and immediately below an existing residential development. The property is zoned Single Family Residential, and the intent of the agreement is to develop residential property.
With the approval of the letter of intent, Elevated Development will begin to draft the purchase contract for consideration. Given approval of the contract, the proposed purchase price is $2,112,000.
The property, a southern portion of GCAD ID 228658 (southern portion), is located immediately above Mall of the Mainland property and immediately below an existing residential development. The property is zoned Single Family Residential, and the intent of the agreement is to develop residential property.
With the approval of the letter of intent, Elevated Development will begin to draft the purchase contract for consideration. Given approval of the contract, the proposed purchase price is $2,112,000.
ANALYSIS
Execute a letter of intent from Elevated Development for the purchase of approximately 48 acres of TCEDC-owned property.