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6.e.

TCEDC Agenda

Meeting Date:

11/20/2024

Approve sale of Texas City Economic Development Corporation property located at 317-319 6th Street.

Submitted For:

Kristin Edwards

Submitted By:

Kristin Edwards, Economic Development

Department:

Economic Development

ACTION REQUEST (Brief Summary)

Approve sale of Texas City Economic Development Corporation property located at 317-319 6th Street.

BACKGROUND

The Texas City Economic Development Corporation owns real property located at 317-319 6th Street. The property, which is approximately 5,200 square feet in size, is currently vacant and in need of extensive renovations/repairs to meet code compliance.

Johnathan Callery with Realm Real Estate Professionals, has approached staff about purchasing the full shopping center that includes 317 & 319, 6th Street, to develop businesses including an upscale donut shop, a media center for entrepreneurs, and a buffet-style restaurant.

Staff recommends sale of the property to Realm Real Estate Professionals in the amount of $165,000. While this is below the appraised value listed by the Galveston County Appraisal District, it is equal to the purchase price paid by TCEDC when the property was originally acquired. The agreement will include a first right of refusal, meaning that if Realm Real Estate Professionals elects to sell the property, the TCEDC will have the first opportunity to purchase the building. We would purchase for the original sale price plus costs of any improvements, within the first two years.

ANALYSIS

Approve sale of Texas City Economic Development Corporation property located at 317-319 6th Street.

ALTERNATIVES CONSIDERED

Attachments

Resolution