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AI# 10609
Regular City Council Meeting
7.12.
04/12/2022:
Information
Agenda Item
Resolution - Right-of-Way:
Consider a resolution authorizing the Mayor to execute a Commercial Real Estate Sales Contract between the City of Lubbock and Marc Shipton, for the sale of unimproved lots at 9902 Milwaukee Avenue, 9908 Milwaukee Avenue, and 6514 100th Street.
Item Summary
The City of Lubbock owns three unplatted parcels at the northwest corner of Milwaukee and 100th Street that sum up to an approximately 3.16-acre contiguous vacant tract of land. The land is not needed for future City purpose.
February 8, 2022, the City of Lubbock retained Westmark Realtors to provide services associated with the sale of City-owned real estate located at 9902 Milwaukee Avenue, 9908 Milwaukee Avenue, and 6514 100th Street, Lubbock, Texas 79424. On March 13, 2022, the realtor submitted the following offers received on the property.
Offer
Buyer
Term
Offer
Estimated net proceed
#1
Shag Holdings
Cash, seller pays normal closing costs
$500,000
$473,500
#2
Marc Shipton
Cash, buyer will pay closing costs
$500,000
$500,000
The two offers are both from buyers with the financial ability to close on the contract. Staff recommends acceptance of offer #2 in the amount of $500,000 in cash and a contract that is not contingent upon financing. Unlike offer #1, offer #2 includes the buyer paying all closing costs including the realtor commission, thus the City will net the full offer price of $500,000.
Fiscal Impact
Revenue of $500,000 - Sale of Other Land
Staff/Board Recommending
Jesica McEachern, Assistant City Manager
Attachments
Resolution
Contract 16389 - Sale of Milwaukee Lots
Location Map
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