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6.a.

TCEDC Agenda

Meeting Date:

12/06/2023

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 2^nd 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.

ALTERNATIVES CONSIDERED

Attachments

IBD - Comeaux

Resolution