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