Print Reading Mode Back to Calendar Return

AI# 11801  Regular City Council Meeting 7.6. 08/08/2023:

Information

Agenda Item

Resolution - Business Development: Consider a resolution authorizing the Mayor to execute for and on behalf of the City of Lubbock, a Real Estate Purchase and Sale Agreement, for the purchase of certain real property located in Section 5, Block A, Clerk File Number 2007001225, Lubbock County, owned by Market Lubbock, Inc.

Item Summary

This Purchase and Sale Agreement is for a 0.5859 acre tract of land located adjacent to Lubbock Power and Light's Northeast Substation, generally located at East Ursuline Street and North Guava Avenue. This parcel is currently owned by Market Lubbock, Inc. and is needed for LP&L's expansion of the substation. This expansion will increase service capacity to better accommodate businesses that are locating or expanding in the area. Once the City purchases the property, it will be internally designated for LP&L's use. The project is scheduled to begin in the fall of 2023, following execution of this Purchase and Sale Agreement.  The Purchase Price for the property is $10.00.

Fiscal Impact

The purchase price for the property is $10.00, to be paid for by the City of Lubbock.

Staff/Board Recommending

D. Blu Kostelich, Chief Financial Officer

Attachments Resolution Agreement Map

AgendaQuick ©2005 - 2026 Destiny Software Inc. All Rights Reserved.