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6.c.

TCEDC Agenda

Meeting Date:

05/29/2024

Consider sale of real property owned by TCEDC.

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 6^th Street North, Texas City, Galveston County, Texas.

BACKGROUND

The Texas City Economic Development Corporation owns real property located at 317-319 6^th Street North, Texas City, Galveston County, Texas. 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.

Property legal description is ABST 205 PAGE 6 LOTS 15 & 16 BLK 160 TEXAS CITY.

Rigo Hernandez, who currently operates Rigo’s Café at 902 6^th Street, has expressed interest in purchasing the property for the purpose of establishing a new restaurant/industrial catering business. In addition, Mr. Hernandez may utilize the space for a meeting space for a local church.

Staff recommends sale of the property to Mr. Hernandez 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.

ANALYSIS

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

ALTERNATIVES CONSIDERED

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