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AI# 12994  Regular City Council Meeting 5.9. 11/12/2024:

Information

Agenda Item

Resolution - Right-of-Way: Consider a resolution authorizing the Mayor to execute a Real Estate Sales Contract, and all related documents, by and between the City of Lubbock and Lubbock Main Center, Ltd., for the sale of real property located in Lots 1, 2, 3, 4, and 5 in Block 100, Original Town Addition of Lubbock, Lubbock County, Texas, at 1309 10th Street.

Item Summary

On September 15, 2024, Stribling-Probandt Appraisals, LLC appraised the vacant tract of land located at 1309 10th Street (former LP&L site) with a value of $32,000. The property is located within the Downtown Tax Increment Finance (TIF) District, so the bidding requirements do not apply. Lubbock Main Center Ltd., the adjacent property owner, has agreed to purchase this property for $32,000 plus closing costs.

Fiscal Impact

Revenue of $32,000 to Account 100.7107, Sale of Other Land

Staff/Board Recommending

Erik Rejino, Assistant City Manager Bailey Ratcliffe, Interim Division Director of Engineering/City Engineer

Attachments Resolution - Lots 1-5 Block 100 Real Estate Sales Contract - Lots 1-5 Block 100 GIS Map - Lots 1-5 Block 100

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